As stocks ended little changed on Wednesday, one day after a sharp selloff, noted investor Dennis Gartman told CNBC it is still a bull market, albeit a "quiet" one.
"It's probably going to continue to be a bull market, and one is either aggressively long or quietly long. I think quietly long is the right place to be," he said in an interview with "Closing Bell."
Gartman, the editor and publisher of The Gartman Letter, said he owns aluminum, which he has hedged against the board market.
"It's been working. I'm going to stay that way," he said.
In Europe, economic data showed Italy falling back into a recession and German factory orders for June falling. Gartman said the weaker European outlook is giving the European Central Bank no choice but to act.
"The pressure is going to be on the ECB to make a statement and move to ease monetary policy. They have been very far behind the ball for a long period of time," he said.
—By CNBC's Michelle Fox