FYI: There is a general consensus that valuation indicators are not very useful for market timing. Despite this, the financial media and the blogosphere feature an avalanche of articles warning that the market is seriously overvalued. Your retirement account might drop 50% at any moment. There are countless worries in the world.
Regards,
Ted
http://dashofinsight.com/market-cheap-three-things-need-know-valuation-dont/