The indices had a mild but noticeable selloff on news of another suicide bombing in Israel around 3:30 PM EDT reminding traders that we have had nearly a month of relative quiet there. I am calling up quotes now for Fall options expiry. IRA money sits in cash because I have to "invest" it, not trade it, in a setting where I am a long by default, with no stop loss, as are millions. Saddam shouts defiance and there is an ominous silence from Washington in case you hadn't noticed. And the solemn anniversary of the 9/11 attacks is less than two months away - yet another reminder that the issue of radical Islamic terrorism and its effects on this country is unresolved, an "unfilled gap" if you will in everything from the financial history of the United States to the collective need of many Americans for security, for a resolution, or for revenge. I believe that a military conflict with Iraq is imminent (within 6 months) which will be carried out with such violence that it will seem pretty clear that the goal is the realignment of the entire Arab world into those regimes that survive and those that don't because they oppose us. To put it another way, the initial view that this is a years or decades long battle on many fronts is quickly turning into a catastrophe for our markets because of uncertainty, the return of deficits, capital flight to safer markets, whatever. I am curious if any readers share my view that that an end along these lines is coming much sooner rather than later and how it might affect our markets initially and in the long run. This sure seems like a huge issue facing us very soon. Geo.