Marc Faber Is Worried (GOOG, RIMM, AMZN, AAPL)

Legendary contrarian investor Marc Faber is bearish! While this may not come as a surprise to those who follow his investment ideas, it may be surprising because he wrote in his most recent January newsletter that he was bullish on U.S. stocks. So, what changed?

Mr. Faber changed his mind after participating in this week's Barron's roundtable discussion. He noted that everybody was looking for further gains in stocks. That
bullish consensus is already reflected in Bloomberg's latest investor survey, which registered its highest level of bullish sentiment since the survey began in 2007.

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The overwhelming bullish consensus worries Mr. Faber. He believes a correction in U.S. stocks could come sooner than most predict. Mr. Faber believes the momentum players who drive the market could soon pull the trigger on favored stocks like Google (NASDAQ: GOOG), Research in Motion (NASDAQ: RIMM), Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL), which appear "toppy" based on their charts.

Where to invest? Marc Faber remains bullish on commodities, Asia and other emerging markets. He thinks there is great opportunity in India. He remains bearish on the U.S. dollar and Treasuries. Mr. Faber is famous for advising his clients to exit the stock market one week before the October 1987 crash. His market advice since 2000 has also proved accurate as he predicted the rise of oil, precious metals, other commodities and emerging markets.