i think you will find that this was not a knee jerk reaction but...

i think you will find that this was not a knee jerk reaction but more of a neccessity. What you find in the circumstances like yesterday is that the punters need to fund there margin calls on their blue chip portfolios. Guess where the funds come from to fund these margin calls? Yes, speccy's like wme and the like. This is quite common and due to these stocks not have an abundance of depth, the price tends to fall much harder than normal.
I think the lack of buying is people (including myself), are still nervous about what is to come. After the ride over the past 6 months, who really does know but I myself am happy to sit and ride it out with much more upside to come longer term