Commentary on line 4
What the pole/moio te/ras, which Eris holds in her hands, may be, we cannot say. The rainbow is called a τέρας in l. 28 and 17.548; but when Homer personifies this it is in the form of the goddess Iris, not of a thing which can be held in the hand. Others explain it as the thunderbolt, comparing 10.8. A more likely object is the aegis of Zeus, see 5.742. A very similar and equally obscure phrase is 5.593 Ἐνυὼ .. ἔχουσα κυδοιμόν (see note there). This personification of the battle-spirits is characteristic of the later Epic period; see 4.440 (with note) and 37, 73 below.
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