S & P 500 fair market value

The S & P 500 made a high in 2007 at 1565 (October 9).

The S & P 500 made a 13 year low in 2009 at 676 (March 9th).

It has recently passed the 900 mark.

A Fair market price is at around 1200, which is over 20% off it's peak before the recession.

The market shouldn't be above that number until the economy comes back before the 4th quarter of 2010.

The market should have made a bottom already, and should be able to hold 870.

Right now:
Hold SPY