Everybody is a Momentum Player

"I'm not a believer in the manipulation theory. I'm not a believer in all the conspiracy theories. I'm a believer that the market went down because there was a technical break and also because stocks are so strong. So, when people look at their gold and they look at the stock market that goes up every day, they then decide ‘Gold is dead. Let’s buy stocks’ because, at heart nowadays, everybody is a momentum player. The fund managers who must outperform the index, the hedge fund guys, the high-velocity trading people, the algorithmic people – they’re all momentum players. What moves up, they chase. What moves down, they sell." - Source, Business Insider:

Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.

Marc Faber on career prior to relocating to Asia in 1973

At that time[1970's], when you finished ­university in Europe you could really choose any kind of job. There were more job offers than applicants so it was quite easy to find a job, maybe not the best job, but you could find a job. I chose the job that paid the most and they sent me right away to New York for training, an investment bank.

Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.

Marc Faber June 2013 Gloom Boom Doom report / Market commentary

Around the world, bond yields have been rising. What this increase in yields means is that the tailwind from declining interest rates, which benefited equities in recent years, has disappeared. Rising bond yields combined with a serious deterioration in numerous technical indicators lead me to believe that stock market around the world have far more downside risk than what is being perceived by the currently ebullient crowd of investors.

Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.