Wade: your 2nd link shows the WSJ forward PE at 17, only slightly above the 16 average. As for Shiller, the market would have crashed 2 or 3 years ago if his valuation was a good indicator. I think the Shiller PE is a poor indicator because it uses outdated earnings going back 10 years.
As Mermelstein pointed out, it almost always takes an economic recession to trigger a bear market and there are no signs of that happening this year or next.
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