Jeremy Siegel: 'The bull market is definitely not over'

Junk bonds signaling cracks in bull market?
Junk bonds signaling cracks in bull market?

Despite last week's rout and the possibility of the Federal Reserve raising interest rates, uber-bull Jeremy Siegel on Monday was, well, bullish on the stock market.

Siegel, a professor of finance at the University of Pennsylvania's Wharton School, told CNBC that a Fed rate hike won't really impact the market's momentum in the near term.

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"If you look at history, the bull markets do not end when the Fed starts raising interest rates. Bull markets could go on for another nine months to two years," Siegel said on "Squawk Box." "Maybe it will be March or April instead of June or July. That should not matter at all, in terms of the big picture."

Jeremy Siegel, economist and Wharton professor of finance
Denis Doyle | Bloomberg | Getty Images

In any case, Siegel maintained that "the bull market is definitely not over."

"I still think the big bull is taking control of this market. I don't think he's going to give up," said Siegel. "Surely there might be a correction. We always have a corrections in a bull market. I actually don't think this is going to be one of them."

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Still, if a correction does occur, Siegel said it would be "mild" and otherwise "a great buying opportunity for investors."

By CNBC's Drew Sandholm