The median price/earnings ratio of stocks in the Russell 2000 on trailing 12 month earnings closed today at 5.9x.  The median PE on forward earnings for 2009 is 8.0x.

For the Russell 1000, the median trailing PE is 7.6x and the forward PE is 9.3x.

For the Russell 3000, the median trailing PE is 6.6x and the forward PE is 8.6x.

For the S&P 500, the median trailing PE is 8.6x and the forward PE is 9.4x.

Valuations are at generational lows.

The question now is do valuations reach lifetime lows?