$SPY Overpriced based on the Schiller PE ratio

The Market is approaching a very high valuation historically, up there with the 1929 great depression and the Dotcom bust. Interestingly the Financial crisis was not due to the overvaluation of the stock market but the integrity of the financial system itself. It is a good thing this was a great earnings season because if it was not there could be a serious pullback or re-adjustment