"Boehner: Bernanke's Fed to Blame for Sell-Off" http://www.cnbc.com/id/100831352 What an idiot. Where were these guys when the market came off 677 and nearly trippled? Whose "fault" was that?
All sounds good except for the fact you repeatably break one of the golden rules of trading, adding to your losers. So everyone could see when the bull market picked up steam you leaned far too heavily on your "models" that mispriced SPX valuations immensely, and when the market said you were wrong you refused to accept what the market was telling you.
Bond Losses of $1 Trillion if Yields Spike, BIS Says http://www.cnbc.com/id/100836919 It's a mess. Everyone says the US [FED] did the right thing by interfering and Europe did not by not interfering. I wonder what history will say.
The question now is where it finds its resting place. History and statistics say most of these pullbacks are 8-15%, so 1480 is a very strong possibility. However, we know that markets regularly trade 1 to 1.5 standard deviation from FV. So if FV is say 1500 (a guess) the market at current VIX can easily trade anywhere between 1350 and 1650. A HUGE range.