Returns for a variety of indices.

BXX (bank index) +32% since July 22
KRX (regional bank index) +23% since July 22
DJUSRE (REITs) +44% since July 10
S&P500 +12% in 2009
Nasdaq +27% in 2009
S&P/TSX Composite in US$ +36% in 2009
Brazil in US$ +91% in 2009
Shanghai Composite +79% in 2009

That is getting frothy.

But thus far, it shows no signs of slowing down.  Every time the shorts wade in on perceived weakness, they get burned.