Investors are showing signs of increasing nervousness about the validity of the overall investment environment. Despite recent news that the Fed will continue its loose monetary policy, equities fell sharply over the last week. In particular, technology and internet stocks (momentum stocks) came under heavy selling pressure as money moved away from these potentially overpriced positions and into defensive positions – either equities or fixed income. On Wednesday, the Fed came in, once again, and provided reassurances of low interest rates for an undetermined time. This lifted stocks temporarily but selling resumed on Thursday and Friday in spite of the huge drop in unemployment claims. Year to date, major indexes are down and investors are concerned over earnings reports which started last week. Even so, last week’s volatility may not be as bad as it seems. But one thing is for sure, the latest sector rotation makes it easy to see what investors don’t like!