Screening High PE for Watchlist

According to the studies of William O'Neil:

based on 50 years' data research to include several bear/bull cycles, which proved that on average the top-performing stocks started their upturn on a P/E of 20X or above...

Mark Minervini echos this when discussing high P/E ratios:

The top 100 best-performing small- and mid-cap stocks of 1996 and 1997 had an average P/E of 40. Their P/Es grew further to an average of 87 and a median of 65. Relatively speaking, their initially “expensive” P/Es turned out to be extremely cheap.

With this in mind, screening for high P/E offers traders fertile hunting grounds for stocks with potential for outsized moves.  Using FinViz, a first pass offers a universe of 1119 stocks.

FinViz High P/E

Clearly this is too many.   Further screening by 20/20 Earnings: 

High P/E 20/20 Earnings

A much more manageable 151 stocks.  This can be sliced and diced, but the main starting point is to use a high P/E then filter from there to create a trackable universe to focus on.