Peter Boockva: Take off the 'beer goggles,' stocks are dangerous

Wall Street is the world's most expensive market, even as the disconnect widens between stock prices and economic and earnings fundamentals, analyst Peter Boockvar said.

"The markets are very dangerous," the chief market analyst at The Lindsey Group said, pointing to what he sees as easy money from central banks artificially inflating asset prices.

"Since the U.K. [Brexit] vote, there's been this voracious search for ... yield. But I think [it] made investors forget the risks of capital loss only for the reward of a yield that is pretty microscopic."

While the Dow limped into the July finish line, the blue chip measure gained nearly 3 percent for the month. The S&P 500 advanced about 3.5 percent in July. The Nasdaq was the big winner last month, surging 6.6 percent.

Despite those gains, Boockvar isn't the only pessimist. Goldman Sachs on Monday cut its three-month rating on equities to underweight, while DoubleLine Capital CEO Jeff Gundlach said on Friday that many asset classes look frothy.

Perhaps caution may be warranted, when considering that over the past 20 years, the Dow has performed worse, on average, in August than during any other month. According to Bespoke, the Dow averaged an August decline of 1.3 percent.

Boockvar said he believes "the better opportunities" are outside the United States.

"To me, the U.S. stock market is the most expensive market in the world. The better opportunities are in emerging markets that have already been through bear markets over the past four to five years, driven by commodities," he said. "I'm [also] a big fan of gold and silver."

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