The S&P is now green on no news at all. However as Rick Santelli points out, $9 billion of debt was monetized by the Fed today and this is money used by the primary dealers to levitate stocks to a green close. Surely a double POMO day resulting in a red close would have been a massive slap in the face to the only trading desk that actually trades anymore (that situated at Liberty 33 for the cheap seats). In other words, a complete reversal from the day's low has cost US taxpayers only $9 billion in future debt that will never be repaid. To everyone involved it seems like a perfectly fair squid pro quo.