Some permabears may look at this headline and think, “Only three overvalued stocks?” The market as a whole does look overvalued in relative terms. The average price-to-earnings ratio of all the stocks in the S&P 500 index is at 24.7x. That puts it in the overvalued range. Many investors of a certain age can recall a time when a stock was considered overvalued if its P/E ratio was in the double digits. Inflation affects all things, I suppose.  The market’s breadth is thin. Much of the growth comes from a sma ...