It's not wise to be bearish when the sleeping giant awakes. With the attacks on the World Trade Center and the Pentagon, the recession is over. Crashes are accidents. They don't happen when everybody is watching for one, and when the Fed stands ready to manipulate stock futures higher to avert one. The bond market is another matter.
Bonds can continue to be held for their yield.
My condolences go to all those people who have family, relatives or friends dead or missing as a result of these acts of war. My wife and I have friends who live in Brooklyn and work in Manhattan, and we've not been able to get through to them to see if they survived because the phone lines are still tied up. The number of Americans like us whose lives have not been personally touched in some way by these tragedies must surely be in the minority. By the way, our friends in New York City are safe. Sadly, it is the blood of our own citizens in the streets of lower Manhattan, but the principle remains, nevertheless.