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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.

(click to enlarge)
From The Blog of HORAN Capital Advisors


Just looking at prior QEs' 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.

(click to enlarge)
From The Blog of HORAN Capital Advisors


Source: Schwab

Source: QE3 Not Positive For 'Risk On' Asset Class Performance