Marc Faber: S&P to Drop 10%, Sparking QE3

MARC FABER: WELL BASICALLY WE HAD QUITE A STRONG RALLY FROM A LOW OF 1266 IN JUNE WE ARE UP NOW TO ESSENTIALLY OVER 1400. SO WE HAVE A STRONG RALLY. THE RALLY WASN’T CONVINCING IN TERMS OF NEW HIGHS AND IN TERMS OF VOLUME BUT NEVER THE LESS WE HAVE THIS RALLY I THINK IN THE LAST FEW DAYS THE MARKET HAS TRADED AS IS THE CASE FOR GOLD IN A VERY NARROW RANGE. AND I THINK THE MARKET IS GOING BREAK OUT OF THIS RANGE. MY GUESS WOULD BE ON THE DOWNSIDE AND NOT ON THE UPSIDE BECAUSE THE MARKET IS ALREADY OVERBOARD HERE SO THAT’S WHERE I STAND. NOW HOW LOW WILL WE GO? I THINK IF THE MARKET DROPS 150 POINTS ON THE S&P WE WILL HAVE QE3 & 4.