The market's current P/E is about double its "normal" level basd on current earnings.

If you look at the price-book ratio on the S&P 500 at 3.1, it's also approximately double the historical norm of about 1.5. The price-dividend ratio on the S&P 500, at 34, is about double the historical norm of about 26. The price-revenue ratio on the S&P 500, at 1.5, is nearly double the historical norm of 0.8. This market is NOT "cheap."

From an economic perspective, corporate profits as a share of GDP are near an all-time high. Historically, a high profit share relative to GDP has generally been followed by disappointing earnings growth over the following five-year period.