Sell Your Spiders and Head to Japan? (NYSE:SPY),(NYSE:EWJ)

Sell your SPDR S&P 500 ETF (NYSE:SPY) and pick up iShares MSCI Japan Index (ETF) (NYSE:EWJ)…?  Well, that’s at least what one duo is suggesting.  They believe that with the S&P making a 17-month high, it could be time to sell out and start looking to Japan for another opportunity.  Japan has suffered a 20-year bear market, so they may be due some economic rebound.

Reporting over at the Tech Ticker, Peter Gorenstein tells us the bulls are firmly in control on Wall Street. Heading into Friday's session, the S&P 500 is at a 17-month high. Undaunted, the bears point to light volume as a sign of weakness and a correction to come.

"I would rather be lightening up on positions in the next couple of weeks than heavily buying in here," says Marc Faber, editor of the Gloom, Boom and Doom Report.

Accompanied by Michael "Mish" Shedlock, the man behind the economics blog, MISH'S Global Economic Trend Analysis, Faber tells Tech Ticker there's very few opportunities to make money in the market right now.

"Mish" who also thinks it's time to take profits, goes even further, predicting a "50-50 chance the bottom is not in yet."

Faber, however, is confident we won't "see 666 on the S&P 500 ever again." He says "if we go down by 10-20% on the S&P 500, our money printer Ben Bernanke will flood the market, weakening the dollar," and thereby driving up stock prices.

If you are going to put money to work in stocks both market watchers think Japan is the place to be. After a 20 year bear market and despite high-debt-to-GDP levels, the pair think the market has become too cheap to ignore. Always a contrarian, Faber believes the lack of interest in Japanese stocks makes it one of the most compelling buys in the world.

We can't say WSN Staff are heading for the Japanese markets, but thought-provoking nonetheless.