I evaluate stock markets based on P/E and P/BV. Am I missing out something?

In a stock market lingo that is dominated by Price earnings, growth, ROI, Price Book etc, investors tend to overlook a few critical indicators which can give a very distinct picture of the underlying trend of the market. You must also look at some critical indicators like the Advance/ Decline ratio, the delivery ratio in the markets on a daily basis, the dividend yield ratios and also the Market / GDP ratio. These indicators can actually add a lot of value to your investment approach.