Equities markets haven't traded on fundamentals for a very long time, they have traded in accordance with the QE stimulus pump. What makes you think the market will suddenly switch to trading fundamentally now?
What the market fears most is higher interest rates & what the fed for a long time feared was deflation & I think that fear is now switching to focus on inflation. Growth in the US has been spurred on by free money. Who wouldn't buy a new car if you don't have to pay any interest for three years? Any growth that has come about would quickly evaporate if interest rates were lifted. The Fed is in a rock & a hard place.
When equities correct & I am sure they will sooner rather than later in fact its possibly already started, gold stocks won't be unscathed IMO. Some of the valuations have got a bit rich for mine considering where the POG is. However if all this plays out they will be quick to bounce & do very well on a higher POG.
