I have seen numerous calls for a major stock market decline with the S&P getting to 600 or even 400 sometime within the next year. Without QE's I can certainly see this happening, but can't wrap my head around it going down with all the QE's and unlimited funding the Fed has said they would inject.

How can it go down when they keep pumping money into the system? When hyperinflation hits (if it does), then you could assume that the stock market would skyrocket. So does it go down first and then skyrocket or does it just adjust slightly and then go up from here?