I would agree with toppy. A lot of the P/E ratios, be they price to quarterly earnings, price to yearly earnings, or price to forward earnings, are almost all completely ridiculous right now for most stocks.
If the markets keep going up towards pre "crisis" levels, then the next crash will even be worse than the one we just had. Prices are going right back up to where they were for absolutely no reason. The housing market is not getting better, unemployment will continue to rise, many profits seen recently were the result of lay-offs, cuts, etc and imo, the worst thing that could happen is for everything to keep going up.
