Stock market ultra-bear Marc Faber said investors should brace for a major market drop ahead that will present a buying opportunity. Investor Jim Rogers said there already is opportunity from a falling market - in China.
Faber, the author of the widely followed Doom Boom & Gloom report told CNBC.com's FuturesNow program that he has been preparing for a full correction for the market, which has been on a strong but volatile upswing since early June.
"I have a lot of cash at the moment, because on this rally since April I have been lightening up on positions," he said during a live interview.
Faber appeared on CNBC in early June and advised investors then to buy stocks because equities, particularly dividend-yielding companies, would provide better returns than low-yielding bonds.
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The call turned out to be true as the Standard & Poor's 500 has surged about 14 percent since then.
Now, he said, investors should prepare for a downturn.
"Unfortunately I have a lot of dollars," he said. "I just want to have a lot of cash because I think that within the next six to nine months we can buy just about anything 20 percent lower than it is now."
Faber added that he thinks "a lot of stocks have peaked out," specifically mentioning Apple (AAPL), which has edged lower 0.6 percent over the past month.
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Rogers, the chairman of Rogers Holdings, shares Faber's bearishness on U.S. stocks but believes the stumble in China has presented a buying opportunity.
"China's going to be the next great country in the world," he said. "I was violently and vehemently telling people not to buy China when it was going up in 2007. I only buy China when it collapses."
Rogers said he is long commodities and currencies but is generally short the stock market.
"I'm bearish, too," he said. "I happen to agree with Marc about most things."More From CNBC