With the S&P at 830 thats a P/E of 16 or an earnings yield of 6.2% compared to a 10 yr T-bill rate of 4.29%. This is the largest that spread has been since 1982. If you take out tech the P/E gets much lower.
The yield on the S&P is WAY lower than 6.2%. Where did you get that number. I bet...