Most everyone would agree that the stock market as measured by the S&P 500 is not cheap today. However, there might be a great deal of disagreement regarding precisely how overvalued the S&P 500 currently is. Nevertheless, I would agree that in the general sense, stocks are not exactly bargains today. This might especially be true regarding best-of-breed blue-chip dividend growth stocks. Low interest rates have enhanced the attraction for high-quality dividend paying stocks.