After another lackluster session in U.S. equity markets, influential investor Dennis Gartman said it was time to start chasing bargains—but not where you might think.
The author of the "Gartman Letter" told CNBC Thursday that his "interest is not in owning U.S. shares at this point."
"I think it's still a long-term bull market and corrections ought to have been bought. Yesterday I put out a very strong recommendation to be a buyer of equities on this weakness with focus on…Europe, focusing on France, Germany" he told CNBC Europe's "Squawk Box."
He added that he was most interested in owning European and Japanese shares. "In those markets, every high has been higher, every low has been higher and they are indeed bull markets…It's abundantly clear," Gartman said.
His comments come after the European Central Bank (ECB) launched its 1 trillion euro ($1.05 trillion) bond-buying – or quantitative easing (QE) - program on Monday. The stimulus has prompted expectations that European equities could, like their U.S. counterparts during the Federal Reserve's QE program, get a boost as investors pile out of fixed income in search of better returns.