Trailing P/E   Year Ago   Forward                
Dow Industrial 	        22.43 	      51.57 	10.81 
S&P 500 	        13.66 	      19.63 	11.90

This link is extremely useful. DJIA still looks expensive by this measure! I don't understand why Forward P/Es would be down. Does that assume earnings growth? We're in a contraction, so I don't know how reliable that is.

P/Es & Yields on Major Indexes - Markets Data Center - WSJ.com