With all respect, there is no "proper value" of the stock market. It is frequently the case that prices rise when people say the market is over valued... and fall even when there is an opinion the the market is undervalued. Stocks are worth exactly what you can sell them for.

"It's not a lie if you believe it." -- George Costanza
The whole problem with the world is that fools and fanatics are always so certain of themselves. --Bertrand Russel