Yep...nothing to worry about here...its a buying opportunity.
When price/earnings ratios get to 100, then you should worry about selling...not a moment sooner...
/sarc
High PEs can be the result of unrealistic expectations or falling earnings. Inversion of the yield curve is one of the single best predictors of the stock market which can be proven statistically. If one would have paid heed to this indicator in 2000-2001, one would have avoided all the grief which followed.