I happen to like Stephen King, but I'm not sure it'd be fair to dismiss 'contemporary writers' on the basis of not liking him or his kindred. King plays a role in the literary ecology more like Dumas than Melville (comparing him to Lovecraft is fair... but I honestly don't think Lovecraft had all that much on King's better work - in fact, 'well-crafted' is one adjective I *wouldn't* apply to his language; in general, I think King is the better technician... though he's gotten flabby now that he no longer needs to listen to editors. But I digress, and I'm going to start a fight if I keep going.).

I've already inundated you with reading suggestions, so I won't add any contemporary writing to the list (even though some of the good stuff has definite fantasy/SF elements/overtones).