The P/E average for the S&P500 is currently 18.32. I feel like there is a lot of hot stocks that represent solid companies (Netflix/Tesla come to mind), but are seriously bloated... Netflix is sitting around $300.00, though they've only increased subscriptions by about 5%/year, yet their stock is up multiples since a year ago.
I'm just an amateur trader, but I think the patient will wait out to buy low when stocks come down to reasonable valuations, or riskier fucks will get rich shorting.