SP500 vs nominal GDP and CPI

Yeglesias says check these three before saying we have a bubble. Looking at these three together tell me that Yglesias has a point.  CPI and SP500 are tracking, the two inflation indices seem close. (Close is relative as I eyeballed the coefficients needed to scale the SP500 and the nominal GDP).
Give this point to Yglesias.  Or rather, just say everything is over inflated relative to growth.  Lets wait and see how this settles out in the Economblogs.