If - IF - this is the mother of all recessions it's been bandied to be - it needs to fall to ~350 to match both the earnings decline and the PE multiple of the previous two worst recessions. That happens to be near the '87 high and represents the wiping out of 20+ years of market gains - damn sobering thought, that.
Don't start an intelligent discourse on me now, guys. I love it when someone gives me the opportunity to post their thoughts, it sparks a debate, and it causes me to challenge some of my most deeply held biases. It makes me more prepared, no matter what may lurk ahead.