Any market rally which occurs because war with Iraq is averted will be short and shallow, imo. This will not lead to the 25% to 40% Nasdaq rallies that the 9/11, July 02 and October 02 rallies resulted in. Fundamentals are quite negative, downward earnings revisions are right around the corner and, very shortly, we will be heading into early warning season for what will prove to be disappointing Q2 earnings reports. Finally, the "favorable" season for stocks will be over in 4-6 weeks.
Put it all together this will be a difficult rally to profit from, if we get one at all.
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