Steve Grasso: Does Warren Buffett Think Economy Is Tanking?

Berkshire Hathaway on Monday said it will launch a share buyback program, an extremely rare move on behalf of Warren Buffett, the conglomerate's chairman and CEO. Being as Buffett is widely regarded as one of the world's most successful investors, some believe the decision to do a stock buyback shows Buffett thinks the U.S. economy is tanking.

"If Berkshire for God's sakes can't figure out what to do with their money other than to putting it for a buyback, then it's negative across the board on a macro level for the market," Stuart Frankel's Steve Grasso said from the floor of the New York Stock Exchange. "We know that 77 percent of all stocks trade with the overall market. Negative for the space."

As cheap as Berkshire's stock is, trader Stephen L. Weiss found it interesting there weren't more compelling values out there.

"They have not bought stock back in the past because they always thought they could grow their value more by buying stocks or companies really cheaply in the market," Weiss said. "So is that really a comment that the market's not that cheap as we all possibly think it is? And I don't. I'm bearish."

Co-founder and managing member of Short Hills Capital Partners, Weiss is also the author of "The Billion Dollar Mistake."

Meanwhile, options trader Pete Najarian said the buyback provides investors an opportunity to follow the stock sage.

"This is telling you something: if you want to invest like Buffett, Buffett's telling you right now, my money's going into Berkshire," Najarian said.

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Trader disclosure: On Sept. 26, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian: Najarian is long (AAPL); Najarian is long (BX); Najarian is long (C); Najarian is long (MS); Najarian is long (HPQ); Najarian is long (AAPL) calls; Najarian is long (WLT) calls; Najarian is long (CSX) calls; Najarian is long (UNP) calls; Najarian is long (OVTI) calls. Steve Cortes: Cortes is long (CAG); Cortes is long (JNJ); Cortes is short (AAPL); Cortes is short Nasdaq futures vs. long S&P futures; Cortes is short Euro; Cortes is short the Australian Dollar. Steve Weiss: Weiss is short (AAPL) puts; Weiss is short (HPQ); Weiss is short (QCOM); Weiss is short (JPM).

Louise Cooper
**No disclosures

CNBC.com with wires.