The fact that the stock market wants to climb even higher is "stunning" but true, widely followed investor Dennis Gartman told CNBC on Thursday.
"You're at this point in the stock market where it can do anything. It's gone parabolic," the editor and publisher of The Gartman Letter said in an interview with "Power Lunch."
"It is stunning to me, surprising to me, but it still wants to go up."
If it passes, the House and the Senate will have to work together to reconcile the two bills and then send the final legislation to President Donald Trump to sign.
Gartman said the bull market "will stop eventually." He thinks that may occur when the Federal Reserve begins to tighten monetary policy aggressively.
Gartman has been calling the stock market "egregiously overpriced" and recently predicted when the bull market does end, it "will end badly."
However, he also acknowledged a lot of underlying strength in the market.
"It's run away and there might be a big correction but I can't say it's insane," Icahn said.
— CNBC's Liz Moyer and Brenda Hentschel contributed to this report.