DWCAP, here’s a Doc Ock tentacle to justify your spidey-sense tingle:

“If we look at the fundamentals of the S&P 500 we find a grim reality:
… That is right. At the end of last month the P/E ratio for the S&P 500 was 134! That is not cheap by any stretch of the imagination. When you put this on a chart it literally flies off the paper
…
(comment on graph: Who needs a man on the moon when we have the PE going there)”
–Dr. Housing Bubble (Scroll down)

This was just a couple weeks ago. According to Dr HB’s chart, normal S&P 500 P/E ratios are historically 17 to 47. Now its up to 700??? Just unreal.