Private Equity ETF - Sign of a Top?

Sign-o-the-top? I thought Bob Pisani's piece on CNBC earlier today regarding an ETF that is in registration, the PowerShares Listed Private-Equity Portfolio, that would invest in private equity was about as telling as anything in this market.

Bob thought it might not be too dissimilar from the creation of REITs, which let individuals invest in commercial real estate. Maybe, but I'd add that it could prove to be the the most obvious sign of a top (or thereabouts) in private equity, the markets or any or all of the above -- not unlike the creation of arbitrage mutual funds years ago, which was a sign of a top in that market. Or not!

Onward...