Zeev's Turnips Patch-No Politics (ZEEV)

[wstera2]

18:59 ET After Hours Indications : The futures rallied sharply after the news that Iraq had agreed to allow UN weapons inspectors to return without preconditions; S&P futures are 13.5 points above fair value and the Nasdaq futures are 10 pts above fair value. However, CNN is already reporting that the White House is "dismissive" of Iraq's statement as it does not address many other issues. This is a good news/bad news cycle that played out often in the run-up to the Gulf War, so we would once again note that it's premature to assume that the threat of war with Iraq is anywhere near an end.

18:37 ET Annan confirms weapons inspectors allowed to return : UN Secretary General Kofi Annan confirms that Iraq has told the UN that it will allow the return of UN weapons inspectors without preconditions.