If you place a lot of emphasis on trading volume, then the events of the past two days are not necessarily indicative of another wave of tech selling. But that's not to say that those events have been positive ones for longs.

The

Nasdaq Composite Index

was down 114.30, or 3.11%, at 3555.08, carrying Internet stocks lower as well.

TheStreet.com Internet Sector

index was down 23.76, or 2.75%, at 840.55.

John R. Boo, head of Nasdaq trading with

Ferris Baker Watts

, said traders have been whipped around so much over the past couple of months that many are not participating, which creates large swings in the market and makes it easier to push prices around.

"It's real money, but a lot of people are taking a cavalier attitude about it because it's taken place on negligible volume," Boo said.

Boo said the market is awaiting the next big economic number, which could be the

Consumer Price Index

, scheduled to be released next Tuesday and on the same day that the

Federal Reserve

meets. But, he added, near-term direction could be determined by

Cisco

(CSCO) - Get Report

, which will report earnings after the close today. Cisco typically bests earnings numbers by a penny, but that may not be enough to stave off sellers this time around after

Barron's

attacked the company's valuation in an article over the weekend. Cisco is

expected to earn 13 cents a share for its fiscal third quarter.

Boo said that coming out of earnings season, there is more uncertainty in the market, and while he was not sure whether the recent lows would be tested, he did say that his company's technicians were suggesting lows would be tested. He did not have a strong conviction about how the market would behave after the Fed makes its announcement next week, but he is leaning toward a post-Fed rally.

Although much of the sector was weaker today, there was a bright spot.

Excite@Home

(ATHM) - Get Report

was up sharply on a

Bloomberg

report that

Comcast

was looking to acquire

AT&T's

(T) - Get Report

56% voting stake in Excite@Home.

The story indicates that Comcast has told AT&T that it would "flip'' the terms of a March agreement for AT&T to acquire 60 million Excite@Home shares owned by Comcast and Cox Communications Inc., for $48 each, or about $3 billion.

In recent trading, Excite@Home was up 3 3/4, or 21%, at 21 1/4, though that is far from the high of 28 it reached earlier.

Merrill Lynch

put out a note saying that the comments were misinterpreted by the reporter and were taken out of context.