text: have the stock market levels on the different markets supassed the highs they had before the crash in 1999.?   the answer is not even close.  before the tech crash stocks were grossly over priced with was made evident by the huge p/e ratio's of the tech industry.  greenspan and others warned of the overvalued market then.  some analyists warned of overvaluation about a month ago and some correction is happing right now.