The CAPE stands for the Cyclically Adjusted PE Ratio.
It is based on average inflation-adjusted earnings from the previous 10 years.
It is also referred to as the Shiller PE Ratio, or PE 10.
Long-Term Descritive Statistics: (as of 3/7/2009):
Min: 4.78 (Dec 1920)
Max: 44.20 (Dec 1999)
The "Valuation Confidence Index" measures the percentage of investors (institutional and retail) who believe that the stock market is NOT overvalued.