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John Hussman has posted in the past few weeks, arguing that stocks are now overvalued, overbought, and overbullish.
His second chart looks at two measures of valuation for the S&P 500, and compares them to the price level.
One measure is a function of revenues, and the other is the smoothed Shiller earnings, which is an average of inflation-adjusted earnings from the previous 10 years.
Note that the stock market is not at the bubble levels of 2000 in terms of valuation, but it is certainly getting close to 2006-07 levels.
http://www.mauldineconomics.com/frontlinethoughts/signs-of-the-top
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