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Investors ought to forget about European stocks and get into emerging markets, according to one strategist.

Negative interest rate policies from the and the Bank of Japan are wreaking havoc on their respective economies, said Peter Boockvar, chief market analyst at The Lindsey Group. Although the policy's goal has been to spur growth, Boockvar thinks it has failed to do that. Negative interest rate policies also lead to negative yields on government bonds, which hurt the banks that hold these bonds on their balance sheets.

"Every day the European banking system is bleeding, and to think that is going to somehow generate growth is upside down," Boockvar said Tuesday on CNBC's "Futures Now."

He added that ECB President Mario Draghi should be questioned about this at the bank's meeting Thursday's.

Instead, investors looking for yield should turn to emerging markets, Boockvar said, naming Brazil in particular. Many emerging markets have already had four to five years of a bear market, he said, and the commodities space has also had a five-year bear market.

A change in Brazil's government also is a good sign, Boockvar said. Brazilian President Michel Temer assumed his duties in May 2016 after former President Dilma Rousseff was suspended while facing an impeachment trial as a result of corruption allegations.

Emerging markets in Asia and other South American countries could have potential as well, according to Boockvar.

Meanwhile, in Europe, he does sees opportunity in some "hated, beaten-up European markets," naming Italy in particular.

"If [current Prime Minister Matteo] Renzi wins in October, they vote to get rid of the upper house and the banks get recapitalized and they moderate the bankruptcy laws, and they liberate their labor markets, there's a lot of potential," Boockvar said.