Unmitigated Bear Market' Will Continue: Gartman

Thursday's slump in markets globally will continue in coming months as the fundamental problems facing the global economy continue, analysts told CNBC Friday.

On Thursday, European equities suffered their biggest daily fall since March 2009, as data across the euro zone indicated that recent gloominess in the region will continue.

There was talk of a Black Friday in Germany, the euro zone's biggest economy, after the Dax was Thursday's biggest faller in Europe.

Analysts at prominent banks slashed their forecasts for global and US growth as fears of a second recession within three years grew.

Politicians in the euro zone and the US were criticized for their monetary policies.

Morgan Stanley cut its global growth forecast for 2011 and 2012 Thursday and warned the U.S. and the euro zone were "dangerously close to a recession."

Citi [C 27.98 -1.87 (-6.26%) ] slashed its forecast for US growth and issued a gloomy prognosis over the economy's "inability to mount a full recovery."

"We are in an unmitigated bear market," Dennis Gartman, author of The Gartman Letter, told CNBC Friday.

"It's true that there's an unmitigated diminution of assets almost everywhere."

"The rally that we had last week took place on very low volume," he added.

"There's further to go on the downside and there's still a deal of fluff left in the market that has to be taken out." Read more