Marc Faber Sees Further Downside

There's plenty of room for the stock market to decline, noted bear Marc Faber said Thursday on CNBC.

"Yes, I see further downside," said the editor of "The Gloom Boom & Doom Report."

However, Faber said that there were plenty of reasons for stocks to head lower other than what the Federal Reserve was doing in terms of quantitative easing.

"I think the markets are worried about something else," he said on "Fast Money."

Faber noted that interest rates have been rising for a year, pointing to the 30-year U.S. Treasury bond and the 10-year U.S. Treasury note bottoming out in July.

"So, we've been in an uptrend in interest rates," he added.

But that wasn't the whole bear case.

"The Chinese economy is much weaker than the official statistics suggest," Faber said.

"My view would be that at the present time, the Chinese economy is growing at something like 4 percent per annum, and without huge credit expansion there would probably be no growth at all."

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Other emerging market economies were also poised for poor growth, he added.

The outlook for gold and other metals were not great, either.

"Technically, commodities look horrible," Faber said, adding that for precious metals "some technical factiors would suggest that we're approaching at least an intermediate low."

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Trader disclosure: On June 20, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long UVXY; Jon Najarian is long BOT; Jon Najarian is short TOL; Jon Najarian is long SPF; Jon Najarian is long RYL; Jon Najarian is long EEM 25% left; Jon Najarian is long MGM; Dan Nathan is short XLU June 38/36 put spread; Dan Nathan is long XLF short July 19 puts; Dan Nathan is long MU July 13 puts; Dan Nathan is long TLT July 110/115/120 call fly; Dan Nathan is long FB June/July 25 call spread; Dan Nathan is long QCOM July/Oct. 65 call spread; Dan Nathan is long XLE June 80/77 put spread; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long dis; Karen Finerman is long MDY, SPY, IWM, KFS puts.