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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.
"I'm far more impressed by what is going on in Europe, with the continuation of the weak currency which is supportive of stronger stock prices -- at least for the moment. So my focus is over there and not over here (in the U.S.)," Gartman added.
U.S. stocks closed mildly lower on Wednesday as equities failed to recover from Tuesday's selloff, amid ongoing worries over the strength of the dollar and the timing of an interest rate hike by the Fed.
Earlier this week, David Bianco, chief U.S. equity strategist at Deutsche Bank, warned in a note that the S&P 500 index could fall as much as 9 percent before the current selloff was over, amid expectations of a rate rise sooner rather than later.
Gartman wasn't convinced, however. "It might be a bit premature (to chase bargains) but I suspect that it is not," he said. "Nonetheless, can you see a 9 percent correction? It's possible, but I think it's very doubtful."
His reasons for doubting this bearish turn in market sentiment was because of central banks jumping on the QE bandwagon, he said, and the flood of liquidity into markets that QE entails.
"If everyone is quantitatively easing - if everybody is becoming monetarily expansive - if the monetary wind is behind you, silly you to fight that monetary wind…I'd rather have the wind at my back and the wind is at my back," Gartman added.
The Fed would not tighten monetary policy soon, he said, adding that: "It's not going to tighten dramatically and it's not going to tighten until later this year."
- By CNBC's Holly Ellyatt, follow her on Twitter . Follow us on Twitter: @CNBCWorld