Marc Faber of the Gloom, Boom, and Doom report thinks that U.S. stocks could fall 20 percent after making new post-crash highs this spring. That would see the S&P 500 rising toward 1,200 and then falling back below 1,000 for the first time since late last summer.

He also thinks the euro is oversold and a good short-term bet, along with Treasuries.