I'll stick my neck on the line and say it again: they need a reason for QE3, like TARP in 2008. I am suspect of a major downside move in the markets. When the Ben Bernank says that his monetary printing press is not the the goddess Panakeia, he may throw in the towel here and let the 'free' markets decide if he should print more-a kind of stubborn way of saying, "Okay fuckers, you deal with my mess now without my help." When the Bernank starts using metaphors like the goddess of health (his printing press) not curing cancer (USA), you better pay attention.
I am assuming the move will be swift and brutal. I'm not saying it will be tomorrow, but with no clear indication of more printing, be ready for the carnage.
I hope you kept some cash for this upcoming opportunity if he doesn't print. It will be epic.
You are warned.