Panel 1: Rorschach continues to ask question, trying to get at the heart of who it might be behind these killings and attempted killings. He finishes with the remark, “we have so few pointers,” while the miniature pyramid remains prominent in the foreground – its pointed edges the pointers that Nite Owl and Rorschach need to find the killer.
Panel 4: Rorschach’s comment, “handled watchdogs before,” refers back to the case that sent him over the edge, as seen in Chapter VI.
Panel 5: Rorschach’s remark that this case is a “logic-problem [and] simply needs application of intelligence…” also refers to Nite Owl’s puzzle in the foreground, as he tries to figure out the password for Veidt’s computer files.
Panel 6: Rorschach’s comment that Veidt “could…have provided answers…” is ironic, since he is the one behind it all and, therefore, could have provided every single answer with precision.
Panel 7: Rorschach names two more riders, Death and War of the Four Horsemen of the Apocalypse, and mentions that the other two, Famine and Pestilence, “…can’t be far behind…” indicating that they are two riders approaching.
Panels 7-8: And here, on the computer screen, we get another instance of the two riders motif, as the computer asks if the user would like to add a “rider” to the password, and Dan adds the Roman numeral for two.
Panel 8: Rorschach’s comment about mistrusting the “fascination with…dead kings…” can also be seen as a commentary on Veidt, who is fascinated by Rameses II (a dead king) and whom Rorschach dislikes.