One of the more timely & relevant blog posts we have read in months comes via Advisor Perspectives: Analyzing Earnings As Of Q3 2013 

Goldman Sachs EPS Forecast Chart:

Click to enlarge

GS_EPS_forecasts

You can see what kind of earnings assumptions are factored into the S&P 500 at the 1750 level ($131 in EPS for 2016!....truly crystal ball type of stuff!!). Today we closed at 1788, therefore, market participants are factoring in earnings in excess of what you see in the above chart. Is this sustainable?

Of course it's possible, but the bullish case relies on 3 main factors:

1. Record profit margins
2. Continued global central bank accommodations & stimulus
3. No black swan events

If all of this continues then I imagine it is possible for us to see the S&P 500 at the 2000 level by early 2015, but one must realize that we are less than 12% away from this level right now.
 
The boat is almost full and the upside is quite limited.