Market comments for beginning of Earnings season

So we have started earnings season and while Alcoa beat earnings estimates by a penny, they missed on the Revenue side. I thought it might be useful to see what the P/E (Price to earnings ratio) is for the various Indexes before all companies have reported their earnings. So here are the current P/E's for the many country Indexes and you can decide which is overvalued and hence suspect to dropping and which might be undervalued and worth looking at.

Dow Jones Industrial Average 14.16
S&P 500 15.42
Nasdaq 38.93
Russell 2000 32.57
England's FTSE 14.74
France's CAC 12.11
Germany's DAX 12.97
Japan's Nikkei 17.24
Brazil's Bovespa 11.33

Seems to me that the Russell 2000 Small Cap Index is very overvalued at this point and a major correction looks likely. You decide.