Is QE2 Going To Be A Failure? (UUP)

Is the $600 billion gorilla in the room going to be nothing more than a barrel of monkeys? The first instance of QE2 started today, and it went off with a whimper, as POMO first had a technical glitch, and isn't doing much,as stocks are continuing to slide, with the major market averages off around 1%, respecitvely. Granted, there are other market forces going against the Fed today, with sovereign debt issues in Ireland, and a potential Chinese rate hike, but the dollar is up 2% since the program was announced on November 3, and it looks like it will not have its intended effect, as least for now. PowerShares DB US Dollar Index Bullish UUP could be a great hedge for the long side of your portfolio, as the dollar is showing remarkable strength in the face of being hit with $600 billion more of its brethren. It's something to watch over the next month, as the Fed will buy another ~$98 billion between now and December 9. Maybe this program isn't everything it's cracked up to be, and it bears watching. Disclosure: no position in UUP