With the effect of The FED's Operation TWIST and ECB LTRO diminishing by June 2012 the stock market and the commodity market have started to decline.
Without further stimulus anytime soon the stock market and the commodity market are going to tank. The FED will come in to the rescue of course but no one really knows at what level they FED will come in to support the market.
The following are a series of charts showing the impact
Chart 1: QE and S&P 500
Chart 2: Up to date version courtesy of Ed Yardeni
Chart 3: QE and CRB Index Chart
