Not "cheap" but not over-extended (yet). I'd be inclined to look for a pull-back to around 90-92 before initiating new positions. My last purchase was at 84, right after Hurricane Sandy. If you're a very long-term type investor, just close your eyes and buy whenever you have the money. In ten years, a few $$$ up or down today won't really matter. If it goes lower, buy more and enjoy the dividend. The lower it goes, the better it looks.