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Stock market is 'egregiously overpriced,' says Dennis Gartman

  • The stock market has been continually making record highs, although equities traded lower on Friday after a disappointing jobs report.
  • "It would be an ill-advised idea to be aggressively a buyer at these levels," Dennis Gartman told CNBC.

The stock market is "egregiously overpriced," widely followed investor Dennis Gartman told CNBC on Friday.

Equities have been continually making record highs, although stocks traded lower Friday after a disappointing jobs report.

"I don't care which valuation you put upon it — price to earnings, price to book value, margin usage — the market is extremely high," the editor and publisher of the Gartman Letter said in an interview with "Power Lunch."

It would be "ill-advised" to be an aggressive buyer at these levels, Gartman said

Enthusiasm over tax reform, coupled with strong economic data, have been lifting stocks.

On Thursday, the S&P 500 posted its sixth straight all-time closing high, marking its longest streak of record closes since 1997. The Dow Jones industrial average and Nasdaq also notched record highs.

However, the bull market at this point is "protracted," Gartman noted.

"These things will end. And it will end badly when it does end," he predicted.

— CNBC's Fred Imbert contributed to this report.