Decision Point.com has a good serivce and provides a perspective on the implications of retail money flowing into and out of mutual funds.

The idea is that the people who move money into and out of mutual funds frequently are doing so due to emotional reasons. Specifically, when a market is doing well, they chase the market and the buying climaxes as the price action is nearing a peak… and when prices are going down, sellers panic and sell en masse as the price action is nearing a trough.

They have some free commentary that is worth reading and reviewing… the good stuff requires a $19.95 monthly subscription.