According to the media hype, stocks are never expensive; but if you care a little about the actual price you are paying for stocks, perhaps the following two charts will at least raise a doubt about chasing this fun-and-games. The prospective P/E on both US and non-US equities are now at the top of the post crash range. Multiple-expansion has driven the rally in large part on the basis that central banks have removed the downside tail to investing but at these valuations (and with the expectations that are still priced in for H2 2013 earnings - up 14% vs up 4% in H1) surely caution is warranted.
Here are EPS growth consensus expectations for the S&P 500 for the rest of the year...
and based on this hockey stick, here is the forward P/E for US (and non-US) equities...
Charts: Goldman Sachs and Morgan Stanley