As we head into the dog days of summer, many senior traders are still on vacation at resort destinations such as Martha's Vineyard, Jersey Shores and Aspen.
This morning, senior traders are awaking to news of a foiled terror plot to blow up airplanes traveling between Great Britain and the U.S.
Since I believe we are dealing with an enemy that is highly intelligent, I have to question their timing of another attack. Why would these so called 'smart" terrorists plan an attack when their targeted enemies, Tony Blair, George Bush, and the politicians backing the war in Iraq, are already under attack by their own citizens.
Just a few days ago, Senator Joe Lieberman was run out of town on a rail after siding with the Republicans who control the White House and Congress on the war in Iraq. If these terrorists were really smart, you would think they would wait until the outcome of the November elections before making any moves.
President Bush has an approval rating of 30%, and 60% of voters polled said they disagree with the war in Iraq. In addition, voters are upset over high oil prices, and the chances for the incumbents to get re-elected are slim.
I guess these guys aren稚 very smart after all.
This morning as I was combing through the financial news of the day, homeland security Chief Michael Chertoff was plastered all over the TV screen, the terrorism level was raised, and scenes were shown of airplanes taking off and landing at London's Heathrow airport.
The news of the foiled plot is having a ripple effect in airports throughout the U.S., as armed guards are currently standing at security checkpoints to make sure passengers do not carry any liquids on to their flights.
As I was flipping from one news channel to the next, I also saw an ad for the new movie from the Paramount Pictures, "World Trade Center".
I am confident that our timing of holding a large percentage of our investment proceeds in cash will come in handy in the weeks ahead.
Let痴 be patient and see how all of these events play out.
