Kim Jong Un was nowhere to be found Monday night, prompting headline speculation that he was preparing to launch a new missile to celebrate a public holiday. Wall Street was unfazed as always, thumbing its nose at the threat of nuclear war with a 135-point rally in the Dow Industrials. Talk about attitude!  In fact, as I noted here the other day, even a test-firing must be treated as a possible attack, since we won’t know until a missile is well aloft where it might be headed.  If Los Angeles is destroyed in a fireball (see inset), it’s hard to imagine how traders might react. My guess is that they would keep their cool, opening stocks moderately lower with the intention of applying a short-squeeze ahead of the evening news. As for Guam, how many of them could even find it on a map? _______ UPDATE (Aug 15, 9:15 a.m. EDT):  Kim has backed down, and the world, ex-L.A., can breathe a sigh of relief as the Dow Industrials steam toward 23000.