Do Dividend Yields Really Matter?

In the latest edition of the "Elliott Wave Financial Forecast (February 7, 2014)" states as follows: "For instance, few currently perceive any risk conveyed by the DJIA's dividend yield of just 2.09%.  A false sense of complacency may be due to the fact that for all but 5% of the time over the past 20 years, the DJIA's yield has been under 3%.  Historically, however, a 3% DJIA dividend yield attended stock market peaks.  Between 1915 and 1994, the dividend yield remained higher than 3% for all but one brief moment, in 1987, and that reading preceded a stock market crash."

And, there you have it!  Historically, dividend yields do seem to matter.  Today, we are at the junction again with the DJIA's dividend between 3%.  Will the consequences be different this time?  I believe not, but, then again, we shall so find out!