I think you are quite right, but it will confuse the issue fro few weeks, maybe few months. In the meanwhile, the market may think that the clouds of war have dispersed (and I hope they have), but frankly, I think the administration will want its "pound of flesh" (namely a change in regime), and thus longer term this instability will remain in place. Short term, a good excuse to get a ramp to kill the puts in the next two days, and then, like clockwork, near the end of the week, kill the calls.... Asia and the futures are surely looking as if we'll have a big gap opening, and then a continuing creep up tomorrow.
Zeev
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