Flash crash could come at any time: Bill Fleckenstein

Notable Wall Street bear Bill Fleckenstein has a sobering warning for investors: Complacency has set in, and a flash crash in stock prices could come at any time.

Fleckenstein, who runs Fleckenstein Capital, has been markedly bearish on stocks, reflecting his view that Fed policy has artificially propped up the market. "The world is printing money like mad, but we're not getting any GDP growth ... there's no way there won't be a big move to the downside at some point," he told CNBC.

Timing that move lower, however, has proven to be a difficult task. Fleckenstein said that he's still planning to re-launch his short strategy fund, but he isn't ready to pull the trigger just yet.

On CNBC's "Fast Money" on Tuesday, Fleckenstein said that the recent selloff in the NASDAQ Composite and Russell 2000 indexes could be indicative of a move lower in the broader markets. "I think maybe the S&P 500 and Dow are going to join them on the downside," he said. "I think that's an early warning salvo that the market is heading lower."

—By CNBC's Michael Newberg.