Normally, I would agree with you. However, it does feel like there is unprecedented financial engineering going on right now and as another writer noted, the fed is showing it is willing to pull out all the stops -presumably thinking that they can influence sentiment. Perhaps they can, and if so, more power to them. However, it probably just delays the inevitable, which to the current administration is just fine with them. Equity markets will be valued lower in relative terms (when compared to commodities, hard assets, other currencies) but will probably not fall too much further in absolute terms. Not to say that they can't go lower, but there does seem to be a floor,at least temporarily.
I going to revise my estimate below. I think 101-102 on USD/JPY is going to correspond close to 1150-1170 in the S&P. Therefore I think that this is where we will get to at least as an intermediate bottom and possibly the bottom.