"This should help increase Dial's valuation levels over time."

Without such reminders, it may be easier for valuation levels to move to extraordinary levels.

For the Dow to return to that valuation level, it would have to drop 37 percent, to 5,291.

A. To get to median valuation level, big-cap indexes would have to fall about another 20 percent.

"Moreover we do not think the stock will recapture the valuation levels it once enjoyed."

Three-quarters of all bear markets have stopped at median valuation levels.

But a lot of people are nervous about the valuation levels of the market.

It is hard to remember a time when valuation levels were harder to determine, simply because earnings numbers are now in doubt.

Since, we're already at high valuation levels there isn't much room to move.

"It has now reached the same valuation level as at the market top in 1929."