Did some comps while back, found since 1950 for SP, markets fluctuated with PEs until 2000.
An interest rate component improves fit so
S&P500 ~= A*PE + B/IntRate.
Then since 2001, they moved in opposite directions and offset by couple quarters.
PEs match reasonably well 1/3m bond yields since 1960. PEs now at historical highs (>1936, lost reference to early data, can search if really really needed), and 3m yields at historical lows.
winks weekend waffle 090409, page-18
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