Having called for a correction, I have been abundantly wrong. A correction is typically defined as a market downturn of 10 percent or more. I am probably going to be wrong continuing to expect one. It's best to err on the side of remaining quietly bullish.
People have been calling for corrections for the past five years and the corrections don't seem to occur. Every time you think you're about to have a correction, you get a one or two or three percent lower and then you move to new highs.
Via - Dennis Gartman on CNBC http://www.cnbc.com/id/101705149