Here's a brief update on the IWM tracker (Russell 2000). Since the bottom, in the $34.xx the tracker has almost doubled (touched $65 today) and is about 7-8% below it's October 2008 level when it was trading just above $70.
Officially, the price earning ratio is 26, but this number is so low for the current bubble, that it must be the operating PER, which is basically grossly overstating the earnings and a price to book of 3. According to the WSJ tools, the index is actually operating at a reported loss, no earnings at all.
God knows whether it's not going to reach $70 or $80 again, but I still took my chances and bought some PUTs on the ETF, which might become very profitable once reality settles back in.