Deflation in the system

With the recent commodities falling apart, oil, grains, including Gold. At the same time we have bonds rallying very strongly. This implies there are deflationary pressures in the system. If that was the case, I wouldn't buy stocks, or sovereign bonds. The stock markets would be hit by disappointing profits if there was a deflationary environment.
Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.