Until markets recognize QE for the tax that it actually is, the QE policy is stabilizing for stocks, destabilizing for bonds.

For example, good economic news is fundamentally good for stocks, but means QE may end, so the effects are offsetting.

Same with bad economic news. Fundamentally bad, but means QE continues, so offsetting.

Bonds are different. Good econ news is fundamentally bad for bonds and means QE may end, both negatives. And bad econ news is fundamentally good for bonds, and means QE continues, also good.