Market could drop a lot (20% wouldn't be unusual from here) but people are on to the game now so I don't think that will happen...maybe 10%. The only thing that stops the nominal march higher in asset prices going forward is someone on the FED saying something like hey everyone, we have decided QE is just money printing (monetizing the debt...same as printing money) to save the wealthy asset owners while it steals from the middle class and poor. So, after careful consideration about the harm we're causing, we've decided it's no longer an appropriate monetary policy tool. Then markets would drop 80%....so it won't happen.