[The Duke]

So, have P/E ratios now become reasonable, or is there a need for additional slippage?

The reality is that the stock market became one big game of musical chairs, and now that the music has stopped and the scramble for chairs is over, everybody left standing has a big frown on their face (and probably wants Uncle Same to somehow start the music back up).

[Voltage]

So, have P/E ratios now become reasonable, or is there a need for additional slippage?

No, they have not yet reached a ratio of 10 times earnings, which would be a reasonable value. There is a long way to go.