Based on evidence of the last 60 years, the stock market's P/E ratio should be at least 21.8. Problem is, the "E" part is often pure accounting fiction these days, so the market's real P/E could be more like 100.
0ne half of my brain wants the Fed to succeed while the other half says that succeeding is extremely bad. If they succeed, then anytime we get into a problem printing like crazy and buying toxic paper is the standard fix.
With the way things are going, as a routine investor you'll never where the next sinkhole is going to open up and swallow you...