The "noise" is about how badly financials have been beaten down and how Sec. Paulson and Mr. Bernanke are trying to make reassuring noises to the financial community.  Both made strong commitments today which, in the current environment, should last for about 24 hours. :-)

I'm also surprised by the "surprise" in TREAs not participating in the REIT pop.  I mean, do you need further confirmation that TREA has slim holdings in REITS?  Is it really news that the fund has flatlined and likely will do so for an uncertain period of time.

Unfortunately, trees don't grow to the sky, and neither do commodity funds, or TIPS funds, or precious metals funds, or energy funds, or emerging markets funds, or....[fill in the blank].  Hey, maybe the latest "tilt" gambit is away from small value or large growth to a version of stable value--i.e., TIAA Traditional.  But that should be in any retiree's portfolio to start with IMHO.

As the good book says, for everything there is a season, but will you know when the "season" has changed?  Bob U.

P.S. Is anyone out there a long-term investor?