Also,

IWM
Small caps have also seen PE expansion.  The level for the Russell 2000 is at 27+.  While the numbers can get a lot higher with these stocks, it is a trouble sign.

T, VZ, S
I really like T versus VZ.  If I were a pairs trader, I would buy T and short VZ.  But, I love this space long term.  It is an area of true growth (wireless) and these two are the best in town.  Maybe S can make some inroads.  It may be worth a spec buy.  I don't see much downside but upside may be a long time from now.  I am adding to my position in T and MAY sell some of my VZ, but probably not.

MRK
I like this company.  They are having some trouble with patent roll offs, but I still think it is well run and will be a part of an expanding health care market.