CNBC BTIG's chief strategist Julian Emanuel warned investors to prepare for a 15-20% pullback in stocks, saying that widespread protests in the US have added to "menu of uncertainties" in the market. Emanuel said on CNBC Monday that small cap indexes are particularly sensitive to a correction and it is "time for the market to reassess the uncertainty to the economy." "The environment is more volatile now, so what we are saying is envision yourself as an investor with a portfolio down 15-20%." Widespread protests have broken out in the US in the past week after the death of George Floyd in police custody.