"Dr. Doom" has not become any more hopeful recently.
Marc Faber, the widely followed market pessimist, see multiple risks that could threaten stock markets. He said Wednesday he thinks the market is fully valued and faces hurdles from a sagging global economy, sluggish earnings and the U.S. presidential election.
"I think stocks are still very vulnerable," the Gloom, Boom & Doom Report publisher told CNBC's "Fast Money: Halftime Report."
The three major U.S. averages were up slightly Wednesday but have climbed more than 5 percent each in the last three months. In January, Faber told CNBC that "most stocks" would drop between 20 and 40 percent, which seems "conservative."
While Faber did not give a specific prediction for where markets would go from here, he said central banks in the U.S., Europe and Japan have "manipulated" stocks. He added they may not sustain their current levels with slow economic growth in the U.S. and around the world.
However, Faber contended that some parts of the market could have upside ahead. He said prices of metals like platinum, gold and silver could rise. Shares of miners could also climb, he said.
Faber added that U.S. Treasury bonds look "very attractive" compared with global bonds.