Accommodative policy will be a permanent fixture but not qe. Either way valuations will revert to the mean eventually.
Based on Birinyi estimate in the WSJ. This was under 20 a couple of months ago and has grown to 26.90. Earnings estimates are coming way down!
Did you see the volume on the Jan $32 calls the other day? Granted they were only a nickel but someone is taking a position to move in that direction.