While investors fret over D.C. brinkmanship as the government gets closer and closer to the debt ceiling, "Dr. Doom" Marc Faber has other concerns on his mind.
"I think the markets will move according other events rather than what is happening in Washington," Faber said Tuesday on CNBC's "Futures Now."
Specifically, the publisher of the Gloom Boom & Doom Report newsletter warns of disappointing earnings, deteriorating technicals, and a decline in consumer confidence.
(Read more: Buffett: Debt limit shouldn't be weapon)
Earnings will disappoint
As companies start to report their third quarter earnings, Faber is getting nervous.
"We're coming into earnings season, and the earnings are likely to disappoint," Faber said.
And because earnings will be weaker than investors anticipate, "the market is not cheap anymore, according to different valuation methods," Faber said.
Indeed, the S&P 500's price-to-earnings ratio, the most commonly used valuation metric, has risen from 17 to more than 19 over the course of 2013.
And because stocks are getting more expensive, "the returns over the next five to 10 years will be very moderate," Faber said.
(Read more: Marc Faber: Apple 'could go bust')