Fed Model: The Market is 51% undervalued!

Ok folks, with today's plunging 10 Year Treasury Bond down to the 3.31% level, I again worked the levers on the Fed Model. With the S&P at 1300, for its earnings yield to approach the same yield of the 10 Year Treasury, the S&P 500 price would have to be 2530. This is also based on today's estimated operating earnings of the S&P 500 over the next four quarters of $83.70. A 2530 level would also mean a 95% gain from current levels. Put that in your pipe and think about it. Good luck.