Market volatility is back

Vix index and Move index show that options pricing on S&P500 and T-Bonds is more expensive. Are stock market indexes more expensive than 2 years ago at the beginning of the bull run when measured in terms of earnings ? Some investors may be tempted away to bonds if the 10 yr reaches 4.5% yield. The fed may be dissapointed with rising bond yields but nevertheless they have room to reduce rates by 0.25% anyway. Warren Buffet has increased hi s cash holding to $300 Bn which is the highest in living memory.