While that is a boat load of cash, (or should I say, fraudulent money printing...), it really isn't that aggressive. Notice the Fed didn't announce more bad mortgage purchases. The Fed did leave the door open of course, to change direction at any time it sees fit.
So for now it seems, the market is rising on expectations of the QE2, and natural resources are rising. Gold is near its all time high from just a few weeks ago, when I sold 1/2 positions.
Today I added a little, I am still a bit skittish, mainly since the "direct play" is usually the wrong one.
In any event, the bloggers where at it. Some REALLY great pieces on FOMC and Ben Bernanke, I recommend reading all of them. For those with less time, read the first.
A GREAT Video critiquing of Quantitative Easing