Terrorism in the form of Dirty Bombs, Bio-Attack etc? Depends on the scope. It would have to be bigger than 911 as the world economies came back strong from such a hostile attack. The truth being...I think the world economy can handel most terrorist acts unless it causes Distruption in major Oil Supplies. Then you will see economic impact. Brings back memories of when I would trade the "anthrax" moves. I learn to buy the dips on the news and If I was long, I doubled up on the "reaction" to Anthrax. I think I capitalized on 3 such events....and lost on the first such event. 3 out of 4 isnt bad. Besides, unless ur trading like a SOES bandit of the last great BULL....you better learn to hedge. I perfer to hedge with Options in VOL. as long as ur hedged in some manner....you will be fine. ER