OK. But there are other areas of the market trading at extreme valuations. The largest number of up stocks on the NASDAQ today were biotechnology companies. As an index it is up 19% on the year with a "PE" of -23.23. Case in point the greatest percentage up stock in the NASDAQ today was ZS Pharma, Inc. (ZSPH) up 28%, and up 39% YTD prior to today. The company has -$4.14 in "earnings" per share. I can point to other extremes in the cloud and social media space, as well as the world of story stocks such as TSLA, NFLX, and NOW to name a few. Many of the dividend payers are viewed as safe havens and bond proxies. The market has driven many to valuation extremes. To highlight a few Kellogg (K) and Kimberly Clark (KMB) both have PEs in excess of 60.
I do believe the energy sector will get worse, but there are larger drops in store for many of the most over owned and favorite stocks of the day.