Did the Fed just pop the stock market bubble?

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You know it's a rough market when even Warren Buffett can't find a bargain.

History's most famous value investor told CNBC a few days ago that stocks are now "fairly priced" and that a good buy is hard to find.

Seemingly benign, the statement comes at what could be a crucial time for the market, when investors are looking for a clear signal amid a sea of conflicting ones.

In addition to Buffett's statement, last week's trading had two fairly watershed moments: The Federal Reserve fooled most of the investing community when it decided not to pare back its $85 billion a month bond-buying program, and traders poured the most money ever into the equity market for a single week.