To reemphasize an important point I make in the following: While, as you'll see below, the market, from a current earnings standpoint, bears little resemblance to the markets of Dow 13,000, S&P 1,300 and NASDAQ 3,000 past, a correction (or bear market) can occur at anytime for a variety of reasons...
Also, I can see potential confusion where I go from talking about earnings per share for the S&P, to price-to-earnings (P/E) ratio for the NASDAQ... In essence; where I mention the S&P/share earnings being $67 in 2000 and $90+ in 2012 (while the index sat at 1,300 in both instances), that means the P/E in 2000 was substantially higher than in 2012... When I say the NASDAQ's P/E was 155 in 2000 and under 20 in 2012 (while the index sat at 3,000 in both instances), I'm saying the earnings per share in 2000 were a lot lower than they are in 2012... I.e., same argument as with the S&P, just different way of saying it...
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