Mutual fund investors pulled nearly $4.9 billion out of equity funds for the two days ended Jan. 29, estimated

TrimTabs.com

, a firm that tracks mutual fund inflows and outflows.

The latest outflows are not surprising. TrimTabs suggested that inflows last week were speculative, and that inflows would likely reverse over the next several reporting periods. Indeed, for the two days ended Jan. 25, investors stuffed $298 million into tech funds -- the largest inflow since April 2000 -- but tech funds could not keep the trend going. Instead, TrimTabs estimates that tech funds saw outflows for the past two days, despite a 3% jump in the tech-laden

Nasdaq

over the same period.

For the two business days ended Jan. 29, the

Nasdaq

jumped 3%, the

S&P 500

gained 0.5% and the

Dow

fell 0.25%.