Yes, the jobs report was disappointing market news, or was it? The markets have been taking the data in stride, with the potential for additional Fed accommodation providing support across asset classes. So this may be a case where bad news is good news, at least for getting the stock market excited.

Treasury prices are up and precious metals have jumped as investors play the QE-trade. The smaller-than-forecast gain of 96,000 jobs for August lent support to Fed Chairman Ben Bernanke's assessment at the end of August that the labor market remains a "grave" concern.

Strategists and economists have been beating the QE drum all weekend, with expectations rising that the Fed is likely to act at its next policy meeting this Wednesday and Thursday Sept. 12-13. "QE3 is a done deal," says Dan Greenhaus, chief global strategist.

Most economists now believe the Fed is likely to make a move at its policy meeting this Wednesday and Thursday. A new poll shows that 60% of economists believe more easing is on the way, compared to 45% in an Aug 24 poll.

Would more easing be good for the economy? Will the stock market get another lift this week should the Fed launch a new bond-buying program? Follow the markets with us on KXRB starting with "The Early Morning Business Report" week-days at 7:20AM and right on thru the entire trading day.