Two good posts on investment time frames in the last two days. Barry Ritholtz of The Big Picture started it off with "Why Time Frames Matter to You" and Roger Nusbaum of Random Roger expanded on it with "Time (Frame) Management". In my opinion, the key points to take away are: decide what the right time frame is for you, concentrate on what affects your investments over that time frame and pay attention to them.
It is very easy in today's age of instant messaging, 24/7 media and twitter to get caught up in the idea that every little piece of information matters. Not necessarily. If you are a short term trader it may matter, while if you are a long term investor it probably doesn't, unless it is a big change or is the confirmation of a change to your underlying reason to buy. What this constant barrage of data does do is give an advantage to the long term investor that can sift through the noise and take what opportunities the market gives them. Individual stocks, sectors, or asset classes knocked down based on a single unconfirmed data point, can give you a nice entry point, provided you have done your homework and are paying attention. Or if you don't have time to pay that close attention, then it can provide a nice entry point for your advisor.
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