So when the pandemic hit the Fed went bonkers with easy money and expanding the balance sheet.  (It worked int 2009 without an inflation spike)... Government followed suit with multiple checks distributed to everyone, regardless of income.  The stock market doubled in less than a year and a half.  In retrospect this makes sense.  

Now the pendulum is swinging the other way.  The Fed, slow to realize the problem of rising inflation is now getting hawkish, and the checks are no longer being doled out.  The action of Amazon stock (crushed today) might be an indicator (canary in the coal mine) of the consumer feeling the pinch.

I don't expect the market to return to the March 2020 lows, but perhaps half way there wouldn't surprise me in the least.  In terms of the S&P that would be 3500 ish.   Perhaps I get a chance to invest for the out years at a low PE ratio.

The bullish case is that UE is very low and corporate earnings and balance sheets are decent.  

Thoughts?