That's absolutely right and we do well to keep it in mind when we look into this stuff.
If the purpose of QE isn’t to inflate the market, then what is it?
Rush Limbaugh was saying that a while back so you're in good company. Looking at QE and equity values--
-- one time QE made equites go up, another they went down, and still another they stayed flat. So some of us are seeing QE goosing the market, and the rest of us don't.
QE doesn't ensure rising stock prices, just higher stock prices than where they would be otherwise. In short, the bottom of the dip is still propped up by QE.
Think of it like this. If another billion barrels of oil start getting purchased every year to go into a stockpile somewhere, that isn't going to ensure that oil prices never dip going forward, but it will mean that they remain higher at all points than they would have been otherwise.