"1987 was a situation (esp. for our market) where it was far more overvalued that our market is today"
Sorry, but WRONG!
The p/e for the S&P at peak on Aug 25 1987 was 28. Currently it is 42, using earnings that probably arent even there. It may be as high as 60 in reality. This market is so overvalued that it could fall 50% and still be overpriced.
