I'm thinking oil/gold are signalling we could see a Zarqawi effect today along the lines of the false rally we saw on Hussein's capture. Equities and fixed income certainly haven't 'rallied' but ... I'm long ES in the pre-market to ride a false rally today. Longer term, Zarqawi snuff signals earlier US exit from Iraq - utimately that should lead to a US dollar rally, though that might not get underway for months. In any event, it will certainly be interesting today ... after Asia and Europe sold off as hard as they did.