Marc Faber warns its a Fragile situation and markets will not make new highs

As of a week ago, the U.S. market became very oversold. It's rebounding, but in my view, we're not going to see any new highs.

It's still a fragile situation. 

We have now hard evidence that the Chinese economy is hardly growing at the present time. If China slows down, the demand for industrial commodities goes down. It affects all the resource producers: Argentina, Brazil, the Middle East, Central Asia, Africa, Australia, That can have a huge impact on the global economy. 

Greece is a sideshow, because the economy is small relative to the rest of the world. But if investors are so concerned about Greece, it shows how fragile the financial markets are.