Can The S&P 500 Reach 2,200 Points ?

As we still wait for a natural correction at the end of QE3, we may start to wonder how long can the S&P 500 go up: is the secular bull market back ?

Based on earnings, S&P 500 may actually reach 2,200 points:

The following analysis has been conducted by Chris Turner, and it considers the historical correlation between earnings and stock prices, there you go:

Which means…

But be careful, an exogenous event (as it happened in 2008) can push stock prices down, and, in that case, nobody would really care about growing earnings.

So can the S&P 500 reach 2,200 points in the near future ? Yes, it can, but we all know that unexpected crises happen, don’t we ?