Agreed, but dot com is a little like gold, speculative and a sector where the masses rushed in. I'm taking the strategy what is hyped is when I become defensive. For example I don't trade gold stocks and in Australia we have a very large number. Materials and energy make up a large percentage of the ASX, I have small holdings in material but more so in energy, oil, gas and coal. I'm spreading my risk across many sectors, small positions, Id like to add Uranium and some telecom plus a lot of others. If the ship goes down, I think I'll have company, we're all going down.
Good luck. A word of caution; during the last year the correlation between Aussie and US stocks calculated using ETF products EWA and SPY has been close to 0.87 on the average and stayed above 0.90 for extended periods of time. Risk appears to be systemic and thus un-diversifiable.