The Allure of QE3 Enchants Traders

As I suggested in yesterday's blog, IBM's earnings, which came out after the market closed yesterday, gave a positive shot to stock futures early this morning.  When the economic reports camee out, however, stocks quickly slipped into the negative.  As the session wore on the IBM earnings and dreams of an impending new edition of qunatitative easing in the way of QE3 caused traders to buy stocks once again.  The U.S. Treasury will sell $99 billion in new securities this week which could keep bonds in check.  The Dow managed a 34 point gain today.