I don't know if and when there will be military action, all I can do is look at the various technical indicators, and while these do not point to any great advance, they also do not point to any great decline coming. Things can change, but right now, the "whole market wisdom", apparently does not see Iraq as a major problem. If Iraq is solved, it could very well spark another rally to the 1425 area or even a sprint to the 1550, but the indicators as they are now will probably turn very bearish if that were to happen, just as they did last time we were at 1425.
Zeev
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