Stock market timing a la Ben Stein

I took a few minutes today to visit Ben Stein's Yes, You Can Time the Market website. I've made it a habit to visit this site once a month to get a feel for the value of the market compared to it's long term trend.

Three out of seven value indicators for the S&P 500 index indicated the market was undervalued at the end of July. Only two of the 15-year moving average indicators were showing that the market was cheap last month. With the recent declines in the market, it might be time to start looking for some high quality stocks that might begin to show up on the bargain rack.