I'd say that most large long term holders are keeping their eyes...

I'd say that most large long term holders are keeping their eyes on the future rather than the near term weakness and I doubt that many have sold out. Sure, some instos would have sold but then not all instos have a long term view. Some would buy in CRs and be happy with a fairly speedy gain - which no-one got from the last CR. I believe so much of the trading in recent times has been from short termers trying to pick the bottom and then either selling out for small gains or losses soon after. I'm not sweating anyway; every cloud has a silver lining; but I'll keep that to myself.