"I do not think historical multiples are appropriate considering where we are now in the world," said the Fast Money pro.
In other words the market may no longer trade at a 14.5 or 15 multiple because the global economy is slowing "to the point where that's no longer the right multiple."
Instead Adami thinks the market should trade at a 12 or 13 multiple. "And I think the S&P earns $100 – you do the math!"
Not everyone is as bearish as Adami. Trader Tim Seymour is relatively bullish. The founder of EmergingMoney.com, sees green shoots.
China's manufacturing sector hit a three-month high in October on stronger new orders data, according to a key initial reading released Wednesday.
Also, sales of new U.S. single-family homes soared in September to the highest level in nearly 2-1/2 years, offering more evidence that the housing market's recovery is improving.
"And there's no way that QE3 has hit earnings, yet," he said.
Posted by CNBC's Lee Brodie
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CNBC.com and wires