http://www.investech.com/others/chart.cfm?id=102
Total net earnings among the 4800+ domestic Nasdaq stocks actually declined from January to February, as more and more companies adopt the "new economy" business plan: spend today, earn tomorrow... or whenever. That, in conjunction with soaring valuations, sent the cumulative Nasdaq P/E Ratio even further into the stratosphere. The latest formal number released for February (direct from the Nasdaq Exchange) is 245.7, while our "unofficial" estimate for March 10th is 264! If investor psychology is endangered by a high-tech "bubble" on Wall Street, then this represents an awful lot of hot air just waiting for that first pinhole...