I took a look at Apple Computer today. It is currently at ~$125 per share with a P/E ratio of 27. The price run up from about $10 to $212 over the last three years was an excellent example of "building castles in the air". I guess there was still some life left in the dot.com mania.
The evidence points to a high probability it will be going down to $100 or lower. It could go significantly lower than $100 before this bear has run its course.
Still waiting to see if that TSX Comp rally has finished or not. I'm guessing it has but time will tell.