Investment icon Jim Rogers may have covered the short bank stock positions that he established last year, but that doesn’t mean he has suddenly turned bullish on stocks or the economy.

“I am skeptical about the [stock] rally and the world economy for the next year or two or three,” he told Barron’s in a recent interview.

But he remains a bull on commodities. “If stocks go down, I can make money with commodities,” Rogers says.

He doesn’t believe in the stock rally in emerging markets any more than in developed ones.

“I've sold all emerging markets stock, except the ones in China,” Rogers says.

“I bought more Chinese shares in October and November during the panic, but I have not bought China or any other stock markets since then. I'm not buying anything in China right now because the Chinese market ran up maybe 50 percent since last November.”

That gain has made China the world’s strongest stock market over the past six months, he points out. “I don't like jumping into something that has been that run up,” Rogers says.

“Still, I'm not thinking of selling these stocks either. I think if it goes down, I'll buy more.”

Rogers says he has been buying commodities recently through the four indices named after him.

Other experts, such as Marc Faber and Steve Leuthold, part with Rogers, saying U.S. stocks can rise substantially from current levels.