Yo think people are all investing nowadays? Some probably are for long long time on large craps that pay dividends, all others they just Pay and Selllll, sellll and buy. It's Big Casino, you gotta play along with the big guys and stop listening to the little guys and analysts or media.. Stalks little guys sold off will be going to the big guys, it's zero-sum game.
The telecom has not cooled off, they're more pa and mom stalks for old farts, the tech is in trouble right now, the more of them reported the worse, normally Crisco (CSCO) report tells people if they can or cant continue to stay on the market.
August and October are normally not too hot for the market, some strength comes back right after Labor day when Uncle gets off the long Cruise.