Tough to Find Good Values

I've been having a difficult time finding equities that don't have sky high price/earnings ratios.  I look at price to earnings ratios (otherwise know as the P/E ratio) as an indication of how expensive a share of any particular company is at any point in time.  This is simple math taking the market value (price) per share and dividing it by the earnings per share over the last twelve months.  Most financial sites do the math for us, so there's little in the way of doing this.  As smart investors we want to buy stocks when they are cheap relative to their earnings, and sell them when their earnings falter significantly, or their stock prices reach unsustainable levels.