Greasing Up A Pig

Dow's down a bit after the Fed's latest move to buy commercial paper to free up the credit markets.

As speculated, the central bank said it was creating a special facility to help the $1.7 trillion commercial paper market. The Commercial Paper Funding Facility will buy unsecured and asset-backed commercial paper directly from eligible issuers.

"Terrific news," Gordon Charlop, of Rosenblatt Securities, said of the Fed announcement. " Frees up money markets. If you just look around at some of the valuations ... book value versus earnings, there seems like there's some opportunities here."

Some traders said there are signs that we may be nearing a bottom and that it’s a good time to start following Warren Buffett’s lead and dabbling in the market.

“There are signs,” said Scott Redler, chief strategic officer at T3Live.com. “Investors should be putting money to work now month over month – not take your money out if you need it for the next five years,” Redler said.

Dow's kinda lazing around the down 50 mark or so. A rather ho-hum reaction to the move if you ask me.