The Russell 2000 is having its worst week in more than two years, with 39 percent of the small-cap stocks trading in bear market territory. However, that doesn't mean it's time to buy the dip just yet, Credit Suisse's Lori Calvasina told CNBC.
The small-cap index sold off in March and April but had a comeback in May and June.
"We have the exact same problem here right now that we did to start the year, which is that overall the valuations in this space still look terrible, and so I would wait," Calvasina said in an interview on "Closing Bell."
What's more, when the Russell sold off in the spring, retail investors were still putting money into the space. That's not happening now, she said.
"You've really lost that money flow cushion here," Calvasina said.