When the Federal Reserve ends its latest bond-buying quantitative easing program, stocks could drop 15 percent to 20 percent, said Peter Boockvar, chief market analyst at The Lindsey Group.
That's how much the market dropped when the Fed ended QE1 and QE2, Boockvar said in an interview on CNBC's "Squawk Box."
"I think we're going to see a repeat of that," he said.
"I think we've already seen the rumblings of that in the Russell 2000 [and] a lot of high-flying Nasdaq stocks," he continued. "And I do think it's going to sprinkle into the bigger cap S&P and the Dow names that people have been hiding in."