The dividend for 2011 was $297.10. Book in a 5% increase for 2012 and the dividend would be 311.96. Even at that dividend rate for 2012, the DOW would be priced at 9,358. At DOW 13,000 the dividend rate is nearly 42 times dividend. These are absurd numbers supported by the ridiculously, articially low FED rate. Any hint of rising rates, will take the legs right out from under the DOW and the S&P. They will both overshoot to the down side, as always. It will be ugly.