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To: Jacob Snyder who wrote (2661)	11/12/2002 3:44:38 PM
From: Sam Citron	Read Replies (1) \| Respond to of 13403

OT Are you saying that investor skittishness about a war in Iraq is what ended the rally? That is not my perception. I think it was Chambers' tepid outlook for CSCO, and valuation-based downgrades in a variety of issues, suggesting we came too far too fast, that did it. The War issue at this point in time has little "exogenous shock" value. Most people expect a war in the general timeframe you do, and expect the US and its allies to be triumphant. If there is no war, the implications could be even more bullish, unless Sadaam wins the cat and mouse game, which is looking less likely by the day.