The stock market rebound that has pushed the Standard & Poor's 500 Index up 22 percent in less than three weeks has another 8 percent to go, says investment guru Marc Faber.

"I think the market became extremely oversold March 6, when the S&P touched 666," he tells Bloomberg TV.

"That was probably a false breakout on the downside from the previous low of 741, reached Nov. 21. On March 6, most stocks didn't make new lows from November."

In addition, Faber says, "Sentiment had turned extremely negative. So the market wanted to go up anyway."

Looking ahead, Faber says, "I think this rally may have more legs, because if you print money, it liquefies the system for a while, and asset prices move up accordingly."

Faber forecasts the S&P rising to around 880. That would represent an 8 percent gain from Wednesday's close of 813.88.

Faber has harsh criticism for the expansionary policy of the Federal Reserve and the Obama administration.

"I think what the government is doing and its economic dream team of Ben Bernanke, Tim Geithner, and Larry Summers will be negative long term," Faber says.

"It will all end in disaster, that I'm sure. But, in meantime we can have big moves in market."

Faber isn't the only stock bull. "There is improvement, and we're seeing strength in industrial names," Kevin Kruszenski, director of equity trading for KeyBanc Capital Markets, tells The Wall Street Journal.