When the BOJ first announced QE in Japan in March 2001 the Nikkei 225 went wild. Over the following 6 weeks equities rallied over 16%. The reaction has been almost identical in the S&P 500 over the last 2 months.
But as investors in the USA begin to realize that QE is not the panacea it was first advertised as, the S&P 500 has begun to reverse course. In Japan, this was a scenario that did not end well as equities declined 43% in the following two years. Although history rarely, if ever repeats, this is one chart that might be worth taking note of: