The S&P has nearly doubled from the recent low of 666. The Insider selling/buying ratio is at record highs. The Mutual fund cash levels are very low. People think that inflation will drive up stock prices; however, the first thing it does is drive up interest rates which drives down bond prices. As bonds get cheaper and with higher yields people move from stocks to bonds, which lowers stock prices. So the relatively high P/E ratios we see with low interest rates will drop as interest rates go up and stocks go down.
Warning, this is not investment advice, just educational.