22 Nov 2002 War Drums

Since reaching a five-year low on October 9^th caused in large part by the threat of war with Iraq, the Dow has rallied almost 22% from those lows.  The NASDAQ has risen 32% as investors and short-coverers have snapped up depressed technology stocks.  What has changed?  The threat of war seems as great now as it did on early October?  Have stocks risen too far too fast?  The short answer is, quite possibly, but maybe just for the near-term.