As the below chart shows, QE3 has not had the positive impact on "risk on" asset price performance since its implementation unlike in prior QEs.
From The Blog of HORAN Capital Advisors
Just looking at prior QE's impact on the S&P 500, the following chart does show the positive impact on the index. However, each successive QE/Twist program has been less effective.
From The Blog of HORAN Capital Advisors
Source: Schwab
