Equity prices are on a long-term climb higher, according to closely followed investor Dennis Gartman, who admitted he was wrong in calling a bear market just over two weeks ago.
On Oct. 16, the author of the Gartman Letter told CNBC that the selloff in global markets was "the start of a bear market" that looked set to take hold for "a long period of time". Over the previous month, the Dow Jones Industrial Average Index had fallen around 6 percent.
However, Oct. 16 marked a turning point in stock markets' fortunes, with the Dow Jones rising around 8 percent between that date and Oct. 31.
"I went neutral on stocks and I actually turned quite bearish for a couple of days – clearly that was wrong," Gartman told CNBC on Monday. "Whether I like to say it or not, it's still a bull market… I was wrong."