Contrarian: Time to ditch US equities?

I do not want to be awkward or deliberately contrarian but has anyone noticed US equities look expensive again?

I say this because the last time I had a good look, back at the end of October, I noticed the P/E ratio for the S&P 500 index is close to a five-year high at 18.8x earnings, according to data compiled by Bloomberg. The ratio peaked at 18.9x on 20 July and dropped to 16.6x on 25 August, when the index set this year's low. These numbers also do not compare well with historic averages. At the current P/E ratio, the S&P 500 is back at valuation levels not seen since 2004. Other measures look much, much worse. Take a look at Robert Shiller's data page here and you can see a graph which mea...