Dr. Doom turns bullish on U.S. large-cap stocks

Marrc Faber the author of Tomorrow's Gold: Asia's Age of Discovery is now bullish on US large caps and technology stocks. He has an excellent credential as a conrtarian. So you know where the market is headed. Listen to commentators outside of USA, they have better perspective than the US based analyst. Often too close a proximity creates lack of perspective.

Famed contrarian investor Marc Faber, better known by his self-appointed nickname "Dr Doom," has temporarily shed his preference for emerging-market stocks for two out-of-favor asset classes: large-cap U.S. industrial and technology shares.
The main reason for his upbeat view: the U.S. consumer may be more resilient in the face of a slowing U.S. housing market than widely thought.
While housing prices may be easing around the country, Faber says there's little evidence a catastrophic drop in home values is imminent. Abundant liquidity and a Bernanke-led Federal Reserve that appears inclined to cut interest rates if the housing market were to dip more than 10% bodes for "a slowing and not a collapse" in the housing market, says Faber.
Faber, author of the Gloom, Boom & Doom Report who gained notoriety for his market insight after he turned bearish on Asian assets before the Asian financial crisis in 1997, said there are plenty reason consumers can ramp up their discretionary spending, considering homeowners haven't slowed their pace of borrowing against home equity, employment is high, wage inflation is picking up and falling commodity prices are taking the heat off retail prices.
"If the price of oil and other commodities declines for a while, it leads to something like a tax cut for the consumer," Faber said, speaking at a recent Hong Kong conference.
Chart of $SPX
"Whereas I am very negative in the long run, and I believe that the U.S. economic imbalances are not sustainable, for the next few months the investment community is too negative on the U.S. economy which is more likely to surprise to the upside than the downside."