Gyroscopic Investing

Which investments would benefit from the fed reducing their asset purchases? Ex-Chairman Greenspan believes that FED dovish policy is preventing investors from moving beyond QE and purchasing equities to drive the market higher.

I thought the point of QE was to depress interest rates to make stocks and real estate look more appealing by comparison. If the current "recovery" in the stock and real estate markets is indeed driven by QE, then I would expect the program's termination to reveal the recent run-ups in price as yet another Fed-fueled asset bubble as money flows out of those market sectors and back into the assets people would have preferred to invest in in the first place--probably bonds, cash, and gold. If this is right, then halting QE could ironically drive yields even lower.