Have a think about this. The much publicised Google IPO auction...

Have a think about this.

The much publicised Google IPO auction is expected to price Google at 23. That IS NOT 23 times earnings, but 23 times sales.

That is also not uncommon. When you get stocks priced at levels that anticipate massive profit growth in order to MAYBE justify current prices, then you are looking at a market that is hugely overvalued.

The Dow correcting/crashing back to 5000 or significantly lower is not impossible, but very much on the cards.
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Form your opinion. Seek professional advice.