EDITORIAL THE FIFTH CRASH TERRORISTS SEND THE MARKET REELING, BUT...

ACCORDING to some reports, Osama bin Laden recently sold a number of reinsurance stocks short - just before terrorist attacks that seem to bear his imprint wreaked havoc on American society.

Killing thousands wasn't enough - he was going to make millions while he did it.

Bin Laden's financial play appears to have been as well-orchestrated as his mass-murder campaign.

On Monday, less than a week after suicidal terrorists crashed four commercial American airplanes, they crashed the American stock markets. The Dow Jones Industrial Average sank 684.80 points to 8920.70 - losing more than 7 percent of its value.

That's the lowest the Dow has been since 1998 - a more than 20 percent drop from its all-time high in January 2000.

The NASDAQ fared little better, losing 115.82 points.

The terrorists who flew the two jets into the World Trade Center were hoping to take down one of the great symbols of American economic might. They accomplished their mission for the time being but not likely for the long term.

Pessimism is the bane of investors. Not even the feds' surprise half-point cut in the interest rate could restore their confidence.

The day's winners and losers speak to the kind of future that America's investor class predicts. Among the losers were airlines, tourism and entertainment companies. The winners included high-tech security companies and defense contractors.

Before Sept. 11, America was a country at leisure. Now it's a country at war.

But there are signs of hope.

Optimism can propel the market every bit as quickly as pessimism can deflate it. And there are reasons, even during these awful times, to be optimistic:

--The federal government won't allow American Airlines or United Airlines to go bankrupt. And once security systems are sufficiently beefed up at airports nationwide, air traffic should pick up.

--There's no greater invitation to invest than low prices. Investors eyeing some of the best bargains in a long time may soon be enticed to return to the market.

--Americans are patriotic and they are committed to denying terrorists the ultimate victory. There are many average citizens who will gladly bet on the nation's ability to endure. Their investment could be key to a market recovery.

--Long-term, even through wars and recessions, the stock market has proved a sound investment. Ultimately, it is American resilience and productivity that sustain the economy, and no terrorist can touch either.

As bleak as Monday might have been on Wall Street, it was a single day. There's no evidence the market won't recover.

The war on terrorism must be fought on all fronts: diplomatically, militarily and financially. If we remain united in our resolve, we'll deny Osama bin Laden - or others responsible for the recent tragedies - the chance to profit from our loss yet again.