The dean of doom, Marc Faber, told CNBC on Tuesday that a variety of asset classes—including equities—may be worth buying for short-term gains.
In the midst of market volatility on concerns over Federal Reserve tapering, he said, "Treasury bonds, gold and equity markets are oversold in the near-term and they can rebound for the next 10 days or even the next month."
But beyond that, he sounded more like the author of "The Gloom, Boom & Doom Report."
"The best course of action is to actually not buy anything, but rather to reduce positions on a rebound," Faber said.
The S&P 500 could "rebound to around 1,630-1,640" in the short-term, Faber added, but warned the index could drop 20 to 30 percent from its all-time intraday high on May 22 of 1,687.
Also known as "Dr. Doom," Faber said that new highs in emerging markets were unlikely, and he did not see any buying opportunities in emerging markets, yet.
(Read More: What's Behind the Emerging Markets and China Selloff)
"New highs in emerging markets and in high yield bonds are out of the question, and if it happened in the S&P, which I don't believe, it would be driven by very few stocks. Longer term, the market is far from oversold. It still has considerable downside risk everywhere," he said.
(Read More: Dr. Doom Marc Faber:Don't Bet on New Market Highs)
"The economy will weaken and not strengthen globally because if you look at where the growth came from over the last 10 years, it came almost 80 percent from emerging economies. These are not growing now and corporate profits will come under pressure, and that will have an impact on Western European companies and U.S. multinationals," he added.
"I don't see any buying opportunity from a longer-term perspective yet. Short term some of them are very oversold because they dropped 20 percent or more, so they can rebound, but from a long-term perspective I think they'll still move lower."
He said that if he looked around as a trader, he would rather buy the 10-year U.S. Treasury "which is very oversold, where everyone is bearish and where sentiment is terrible" rather than the S&P "where everyone is still relatively optimistic."
—By CNBC's Holly Ellyatt, with reporting by Jenny Cosgrave.