Now we wait for the response to the response

Watching this unfold in real time, I’ve been amazed at how slowly this has all be disseminated. These tweets from two of the biggest news services are literally an hour after we first started reporting on this attack.

I think the slow reporting has something to do with the slow legs down in the market. The moves seem to fizzle out and then get fresh legs when there are new reports of news that’s an hour old.

You also have to take into account that this is all happening late in New York and overnight in Europe, so phones are ringing all over the world and some people are certainly more worried about a real war than others.

So where do we stand? Now it’s time to wait and see how Iran responds.

From what I’ve heard, this looks like just a single strike (likely with multiple bombs, probably 3) on a site in Iran, likely a military site not a nuclear one. That’s my best guess. The question is whether it was designed to kill people on the base or just as a show of force.

Even if there are some casualties, I would think that Iran could stand down but you never know. Best would be if no one was hurt but it might be a few hours before we can figure that out.

This article was written by Adam Button at www.forexlive.com.