Stock market's delayed reaction to Fed's action

Stock market had a delayed reaction to Fed's quantitative easing announcement from the day before. Enjoyed FT's James Mackintosh Short View that QE2 is really QE1.1 as the amount of Fed's holdings maturing within a year is only $132bn. Less than 10% of the Fed's balance sheet. Couldn't agree with him more that the issue isn't that rates aren't already attractive but that the borrower either do not qualify or aren't confident about economic prospects.