We've had quite strong earnings, but that is starting to be reflected in the price. Multiples currently are getting high and things are looking a bit stretched.

Europe has shrugged (high oil prices) off pretty well but I think we will see $70 a barrel and that might be the catalyst for a sell-off.

These stocks historically have price-to-earnings ratios in the high teens to low 20s, an I expect they'll return to that level.

The high oil price can't be ignored and it is starting to have a negative impact on consumption in the U.S.. Oil will remain the biggest risk for the stock market.

A P/E is meaningless by itself. A P/E has to look at the price you're paying for earnings but you have to compare it relative to something. Companies with low P/E's also tend to be the companies that have the lowest prospects for growth.

A P/E is meaningless by itself. A P/E has to look at the price you're paying for earnings but you have to compare it relative to something, ... Companies with low P/E's also tend to be the companies that have the lowest prospects for growth.