The dean of doom, Marc Faber, told CNBC on Tuesday that a variety of asset classes—including equities—may be worth buying for short-term gains. In the midst of market volatility on concerns over Federal Reserve tapering, he said, "Treasury bonds, gold and equity markets are oversold in the near-term and they can rebound for the next 10 days or even the next month."
"The best course of action is to actually not buy anything, but rather to reduce positions on a rebound," Faber said. The S&P 500 could "rebound to around 1,630-1,640" in the short-term, Faber added, but warned the index could drop 20 to 30 percent from its all-time intraday high on May 22 of 1,687….
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