It's too soon to be investing in emerging markets amidst a commodity collapse, said David Spika, Guidestone Capital Management global investment strategist.
"There's still just way too much uncertainty," he told CNBC's "Power Lunch" Monday.
Spika named three elements driving emerging markets now: capital outflows, commodity price declines and currency devaluations.
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"It's a vicious cycle," he said. "The more currencies fall, the more capital flows out. Commodity price declines are hurting the economic growth of most of these countries. It's creating inflation in a slow growth environment. It's a very difficult situation and there's just not enough certainty right now to get in front of this train."
Spika said that lower oil prices will probably mean that more smaller companies will have to go out of business to help lower supply. "The other side of that is we have to hope that China and the emerging markets can level out in terms of economic growth so we don't see a significant decline in demand."