"uantitative easing "is not necessarily going to create jobs and it may create some asset bubbles. Generally, it's going to help at the marginneed financial help."

"There's a good chance we sell off on the news, unless we get bigger than general expectations. Expectations are you are going to see gridlock in Washington, and there are some people who expect something relatively large from the Fed. I think the Fed is working hard to show it's there for the economy but not to put out as much as people are talking about. People have been talking about $500 billion, a trillion," said Stuart Freeman, chief strategist at Wells Fargo Advisers.

"The Fed will be trying to figure out just what the market wants and just what the economy needs. I don't think it wants to negatively surprise the market, but also just not do what market wants," Freeman said. "I think the next week could give us a lot of volatility."

The very idea of QE, while greeted by markets, is not necessarily viewed as a positive by all analysts, and skeptics believe it could be ineffective and difficult to unwind. In theory, the asset purchases are expected to put more money into the system, reflate assets and help drive down lending rates.

"It's not necessarily going to create jobs and it may create some asset bubbles. Generally, it's going to help at the margin," Freeman said.

"The only thing I can count on for next week is it's going to be volatile...short-term players are going to get chopped up, but the longer term players can be patient and wait for the dust to settle," said Marc Chandler, chief foreign exchange strategist at Brown Brothers Harriman. The dollar was barely changed against the euro this past week, but was down 2 percent for the month of October. It lost 3.6 percent against the yen in October.

Chandler said investors hold differing views on Fed easing. One is that the economy is in bad shape, and the Fed needs to help resuscitate it.. "Another is we've got some green shoots sprouting and they want to put a little more fertilizer on it," he said.

"Of course, everybody is talking about the two big things - the election and the QE2 - but I think the economic data is going to be interesting. Probably we'll have the biggest rise in auto sales since the cash for clunkers program last year, and on Friday, we should see the first increase in nonfarm payrolls since May," he said. Auto sales are reported Wednesday.