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Eddy Elfenbein submits: Here's a colorful chart detailing what the Price/Earnings Ratios have done for the last 18 months for the different sectors of the S&P 500:

click to enlarge
SP PEs

While the overall market's earnings multiple has fallen, it hasn't been the same across different sectors.

Notice how far Healthcare (the purple line) has fallen. It used be to second only to tech. Now it's right in the middle.

Financials (turquoise), which are still very low, have remained pretty steady.

Source: S&P 500 P/E Ratios by Sector