I have been fully invested since march. I think market is going even higher (SP500 target 1100 to 1200) in the next few months before it falls back. The reason is that many people missed the boat this time, and there is going to be a panick of buying (psychology of “I will be priced out forever” for retail investors, and performance pressure for professional money managers).

short-term, P/E is meaningless to market movement. It’s all about greed/fear. Stock market is no different from housing market: higher price will draw more buyers in, until everybody has bought 2 houses: one for living, and one for dreaming.