Buffett's company mentioned they were looking at possibly buying out some distressed bond insurers. Investors took this as a sign that things must not be as bad as wall street was making them out to be for the bond insurers. Well, truly, things are as bad as wall street is making things out to be for the bond insurers. It is far too early for value investor vultures to circle the wagons. Only when the bond insurers are no more than carrion will Buffett swoop in on the fallen angels. In the meantime, investors were duped, and the stock market rally turned to be no more than a premature dead cat bounce.