Oh, another point I will make. The PE ratio (the pink line) seems to be a lagging indicator. Its not really. I only appears as such because it is based on the release of company reports. If it were based on when analysts became of falling profits you would find the peak in the PE corresponds with the peak of the S&P500 around 2001 - just before the major correction. I think at this point in time the analysts will be in bargain shopping mode - not market crash mode. (That's purely because of the low PEs.)
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