The deal finally reached over the U.S. "fiscal cliff" should ultimately be positive for the U.S. stock market and investors should buy U.S. equities on any weakness next week, according to The Gartman Letter writer and editor Dennis Gartman.
"This was horrid, awful, vile legislation but we had to pass it and now we can put this fiscal cliff behind us for a while," Gartman told CNBC Thursday, as the rally in global stock markets which followed Wednesday's deal showed signs of fading.
Gartman pointed out that the New Year often starts with a rally because of increased inflows, and said that weakness in U.S. equities should be bought, while investors should sell off the debt markets on their relative strength.
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"Owning stocks at this point is rather like owning stocks in Zimbabwe several years ago – but remember as the Zimbabwean dollar plunged, the stock market soared. We may have the same sort of thing,"he said.
"The corporate world is probably in its bestshape in decades and will do well if the global economic environment is stable.Shares are still really cheap."