Suddenly the Dow is flat. So much for that Moody’s downgrade.

Just about an hour into Monday’s session, the Dow was back to breakeven after opening nearly 300 points lower. The S&P 500 was down just 0.2%. The Nasdaq Composite was down 0.4%.

While traders had rotated to safer assets and away from riskier stocks and U.S. Treasury notes in the wake of the Moody's downgrade of U.S. sovereign debt, such moves were already reversing in morning trading.