states. In the limit $R \to \infty$ the null circle becomes non-compact, producing a continuous spectrum and the possibility of instability.

The Effective Gauge Theory Hamiltonian
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Let us denote an operator in the set (\[ops\]) using the generic notation $\co_i(x).$ With one-loop interactions included, the general form of two-point functions is \[2pt\] \_i(x) \_j(y) = [1 (x-y)\^[2J+4]{}]{} \[g\_[ij]{} - h\_[ij]{} (x-y)\^2M\^2 \] where $g_{ij}=g_{ji}$ is the free-field amplitude which defines a positive-definite inner product or metric, and $h_{ij}=h_{ji}$ describes the order $\l' = g_{YM}^2N/J$ interactions. We use a real notation for simplicity, but it is accurate since the correlators of our operators are real. The diagonal elements of $g_{ij},~h_{ij}$ are of order $1 + \co(g_2^2)$ while off-diagonal elements between operators containing $k$ and $k'$ traces are of order $g_2^{|k-k'|}$.

One diagonalizes this system via the relative eigenvalue problem \[rel\] h\_[ij]{} v\^j\_= \_g\_[ij]{} v\^j\_There is a complete set of eigenvectors $v^i_\a$ which are orthogonal with respect to the metric, viz. $v^i_\a g_{ij} v^j_\b
= \d_{\a\b}$. The system (\[rel\]) is equivalent to the conventional eigenvalue problem for the “up-down Hamiltonian” $h^i_j = g^{ik} h_{kj}$, namely \[con\] h\^i\_j v\^j\_= \_v\^i\_, but one must remember that $h^i_j$ is not naively Hermitean (symmetric), but 