A post putting the recent correction in perspective and making an argument for the possibility that we are still in a post-bull trading range that may not end until the end of the decade.

A quick analysis of broad market valuation finds S&P P/E ratios still trading above historical norms. This would imply that despite correcting from all time highs of an average P/E in the 40s, the market still has a ways to go before it completes a historical P/E cycle which ought to end with P/Es in the single digits. This is not to say that the market will continue to correct downwards, but that we could see a prolonged period of stagnant overall return in the S&P as growth catches up earnings premiums. Thus, the argument is made that P/E contraction remains a long-term concern.