I figure we may go to the bottom 10% of average P/E ratios over the last 100 years. Right now, rich Muslims around the world are creating financial chaos in hopes that their candidate, the rich Muslim Barack Hussein Obama II can steal the Presidency. So sell puts that expire in February and beyond, and trade the plummets and rallies.
BTW the P/E on the S&P 500 is right now about 12. Normal trading range is 6 to 15 historically, but ran 15 to 45 or something during Greenspan's "no risk" market bubble. Stocks have been expensive since Greenspan took the helm.