Markets are killing the chance for QE3 by frontrunning the action (continually bouncing on hope of Fed action). The "liquidity put" will only get triggered at substantially lower levels, says Citi's Mohammed Apabhai. He sees 1,285 in the S&P as a key technical level (S&P is currently 1,325) and additional QE coming only if the market were to decline 12% from here.