Marc Faber in a phone interview with Bloomberg April 13, 2009.

Now the markets very near-term have become somewhat overbought and a correction should essentially follow. But, I doubt we’ll go and make new lows in the intermediate future. I think the lows in early March at 666 on the S&P will hold and we have another [inaudible]  to July for the simple reason that the economic news is not good but it will not deteriorate at a much faster pace than when the economy collapsed and fell off a cliff between September and February of this year.

I think yes, we’re in a bear market rally, but that doesn’t mean that this rally cannot go from bottom 666 on the S&P to say possibly around 1000 before we drift again.

Investors have to take essentially day by day at the time or month by month. It is futile to argue how the economy will be in one year’s time. I think there will be some kind of an improvement, but not much. The levels of economic growth and synchronized global boom we had in 2006 and earrly 2007 – that isn’t going to come back any time soon.

(Click Here to Listen to Marc Faber April 13, 2009)