Confirmation

That the stock market is at Insane Valuations:

Think the market is in the doldrums? You wouldn't know it by its price, given by the vaunted P/E ratio, the most basic stock valuation metric. The Dow's P/E is now just a hair under 54. A reader writes in more about this:
Yes, it is due to failing earnings. As you know, P/E is the actual price of a stock since it is normalized to an otherwise arbitrary share price. Generally any index P/E over 25 is considered a flashing warning light. Some perspective:
In 1929 the Dow P/E was 32.6
In 1932 it was 5.6 which is the lowest ever recorded
In 1966 the Dow P/E was 24.1
In 1982 the Dow was the same price as 1966 but with a P/E of only 7
In 1987 the Dow P/E crashed from 18.3 to 13.4
In 1999 the Dow P/E spiked to 44.2