Drumbeat for War

Chat-room buzz over the weekend seemed mildly fearful of a stock-market collapse this week.  One poster said that if it did not occur on Monday, shares would simply head higher; another gave the impending disaster an entire week to get rolling. We see nothing so threatening in the charts, although there has been a perceptible quickening of the drumbeat for a pre-emptive strike on Iran’s growing A-bomb capability.  Were that to occur, sending the price of oil to $200 or more overnight, we would surely rather be short the market — for the remainder of the decade –than long.