Shopping for stocks when the major benchmarks are back trading near all-times highs might seem counterintuitive. After all, the idea is to buy low. But not only do new highs tend to beget fresh highs, stocks are actually cheaper now than they've been in some time.
Thanks to rising earnings estimates, the forward price-to-earnings ratio, or P/E ratio, on the S&P 500 currently stands at less than 20, according to Yardeni Research. That's down from 23.5 just a couple of months ago.
