"What I see is big players using any spikes in the $IWM as exit liquidity," Baiynd said. "It's where the big bounces make those folks with the highest holdings in a particular instrument leave the market versus enter."

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Baiynd went on to say that some of the individual companies in the iShares Russell 2000 Index ETF (NYSE:IWM) struggle with cash flow, and that their stock struggles may not be all interest-rate related.

"If we went in there and we looked at all of these companies that struggle with cash flow, I don't think it's all interest rate information," Baiynd said. "And that's why when we see these notices about interested rates we just say ‘hey we should be moving up,’ but we're not, so there's something else that's correlating with this move besides just interest rates."

Because Baiynd believes that the IWM's struggles are related to the underlying health of the companies that comprise the index, rather than higher-than-normal interest rates, she is looking at other areas for attractive investment opportunities.

Baiynd pointed out that money seems to be flowing back into some SaaS, or software-as-a-service names, and that big tech companies like Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT) and others can be bought on the dip.

Watch Baiynd's interview here.