markets may be still overvalued

A bit of speculation -I dont know what others here think, but i sense..

A lot of people picking up "bargains" on stock markets at the moment , may be getting ahead of themselves.
They may be working out p/e's based on past data.

Sure the p's (share prices) have come down as we know, but the e's are probably set to come down by the same degree - so we're back to the p/e ratios when the markets were booming.

So where is the value ?

I think people may get a shock when earnings data is released in the US for the March quarter.

then when they re-do their p/e calculations they may be in for a rude awakening that the p/e ratios may still on average be 15 x or over, back to what they were at the market's peak .
That they do not indeed hold bargains.

Gold may look like a good thing post the next quarter reporting season, as the next wave of fear sets in in the USA, with even more bail outs and stimulus needed - and with less people keen on buying treasuries fearing a bankrupt USA or heightened inflation.