Goldman Explains What Must Happen For The "5 Year Bull Market" To Continue

Goldman Explains What Must Happen For The "5 Year Bull Market" To Continue | Zero Hedge: "
March 9th marked the 5th anniversary of the current bull market. S&P 500 has gained 1200 points or 178% since 2009.
Three drivers of the rally: 
A profit rebound (59% of rally), a P/E multiple expansion (25%), and a change in expected EPS growth (16%). 
Looking ahead at these three drivers, we expect an 8% rise in the level of earnings this year, and a similar growth rate in 2015 given our economic forecast and assuming stable margins.
S&P 500 trades around fair value at 15.6x forward EPS but the median stock trades at 16.7x, an extremely high valuation in historical terms.
Our year-end 2014 target of 1900 represents a modest 3% upside from current levels."