No. of Recommendations: 0
you made me worried more than I was :)
But this article give some comfort back:

The Best Buying Opportunity in 12 Years?

of course, it has a sales pitch at the end,
but the main idea is that
"in comparison to their previous 12-month earnings the stocks in the S&P 500 are cheaper as a group today than they have been for 12 years. "

Year - Q2-Ending S&P 500 P/E

Today - 16.62
June 30, 2007 - 17.34
June 30, 2006 - 17.05
June 30, 2005 - 18.80
June 30, 2004 - 20.32
June 30, 2003 - 28.21
June 30, 2002 - 37.02
June 30, 2001 - 33.28
June 30, 2000 - 28.02
June 30, 1999 - 33.46
June 30, 1998 - 29.10
June 30, 1997 - 21.83
June 30, 1996 - 19.21
June 30, 1995 - 15.82


of course, panic after receiving technical indicator for "Sell" can bring prices down, and maybe even 10-20%, but I don't believe we can have something like drop of 2000-2002 because we don't have those crazy numbers of P/E in 30-35
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