Stocks may have peaked for 2009, says Marc Faber

Stocks may have already peaked for this year and might drop 20 percent amid renewed deflation fears, said Marc Faber, the publisher of the Gloom, Boom & Doom report.The dollar is likely to rebound from an “oversold” position, which will be negative for equities, Faber said in an interview with Bloomberg Television on the sidelines of CLSA Ltd.’s annual investor conference in Hong Kong.“I wouldn’t be surprised if we’d seen the peak of the market for this year because the economic news isn’t going to improve very much,” Faber, 63, said. “The correction in the market has been overdue for quite some time.”

This view is uncannily close to Robert Prechter's, who also predicted a peak in equities, and a bottom for the US $. As such, I will not attempt any long positions from now until the correction occurs. Only thing is, I hope the correction occur sooner, rather than later.