15 Stocks With Nose-Bleed P/EsZacks Investmentupdated Nov 04, 2010TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.Stocks are hitting new 2-year highs both in the United States and in Europe. As the rally off the March 2009 lows pushes stocks to new levels, some investors are starting to ask: are stocks too expensive now?Overall, the S&P 500 index doesn't look very expensive. It is trading at about 15x forward estimates. Historically, the index has averaged a trailing P/E of about 15 since 1920. It is, however, well off the low valuations of March 2009.So, the current S&P 500 is not "cheap" and it's not "expensive." It is within the range of the average valuation for the index.P/Es Over 50 Make a ComebackPart of the fear about stocks now being too expensive comes from some prominent companies now trading well above the overall S&P 500 average. Lots of investors follow these companies.Out of the S&P 500, 12% of companies are now trading at 25x forward estimates or higher. These stocks would be considered "expensive" by historical standards.Out of the expensive stocks, 18 companies in the S&P 500 are trading with forward P/Es of 50 or higher. This list includes some investor favorites such as Amazon.com (AMZN) trading with a P/E of 67 and Wynn Resorts (WYNN) at 68 times forward estimates.Looking outside of the S&P 500, you can find some other investor favorites also trading with nose-bleed forward P/Es such as Netflix (NFLX) at 61 and Baidu.com (BIDU), the Chinese Internet search engine, with the sky-high P/E ratio of 76.Don't Ignore ValuationsThere have always been some "expensive" stocks. But two years after the worldwide stock market crash, are nose-bleed level P/Es a sign of some irrational exuberance starting to percolate in equities or that healthy risk has returned?As this rally picks up speed, investors should be watching P/E ratios for signs of overheating. While overall, stocks aren't expensive right now, the P/E ratio has only been moving one way the last several months: higher. And some individual stocks may simply be too hot to handle.15 Stocks With Forward P/E Ratios Over 50CompanyTickerForward P/E RatioCtrip.comCTRP51Las Vegas SandsLVS52.5CDI Corp.CDI54.2Orbitz WorldwideOWW55.2NetflixNFLX61Robert Half Int'lRHI63.9Intrepid PotashIPI66.7Amazon.comAMZN67Wynn ResortsWYNN68Baidu.comBIDU76Red HatRHT76Hyatt HotelsH134.6The KnotKNOT137.3OpentableOPEN153.7Salesforce.comCRM177 Tracey Ryniec is the Value Stock Strategist for Zacks.com. She is also the Editor in charge of the market-beating Zacks Value Trader service. You can follow her at twitter.com/traceyryniec. Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.