Tactical ETF Portfolio Shift Commentary 10/29/2009

Within all models, we have sold our exposure to REITs and moved the proceeds to cash. This change was made to raise cash as we look to be more defensive near-term given the extent of rally over the last couple months, recent weakness in key economic data, and the fact that earnings season optimism is fading. Additionally, REIT fundamentals remain challenged and given price returns over last couple months, valuations no longer support even a small allocation.