Bears' call for a market correction after the relentless rally has been wrong for years and it's likely to remain wrong, Dennis Gartman, publisher of the closely watched Gartman Letter, told CNBC.
"Having called for a correction, I have been abundantly wrong," Gartman said. A correction is typically defined as a market downturn of 10 percent or more. "I am probably going to be wrong continuing to expect one. It's best to err on the side of remaining quietly bullish," he said.
Last week, Gartman said the stock market is in the middle of a correction and that there is "more selling to come."
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"People have been calling for corrections for the past five years and the corrections don't seem to occur," said Gartman, who makes the Forbes list of 'five investors who move the market.'
"Every time you think you're about to have a correction, you get a one or two or three percent lower and then you move to new highs," he said.
Gartman, who only trades his own account, said that he has gone to a neutral position on equities using derivatives, adding he's thankful he didn't go short.