By using the intrinsic value formula on the 30 stocks listed in the DJI index and then calculating the average of Relative Intrinsic Value (RIV): http://www.marketvolume.com/stocks/overpriced_bg.asp?t=DJI We may say tat Average RIV = 0.9735 which tells us that DJI index only slightly overpriced - it is below 1 but not strongly to say the the market is Bubbled..