The market is cheap on normalized earnings.

I use a 7% normalized net margin.  I started at 5% in the 1980s and gradually increased the normalized margin to 7%.  It was over 10% last year.  At $1000 current sales per share, that gets us to $70 in earnings.

Relative to government interest rates, the market is the cheapest it has been in at least two decades.

There are all sorts of problems with comparing stocks to government bonds, but you get the idea.

That does not mean the market cannot get cheaper, however.