WHEN TIME Correspondent Fred Klein stopped by last month at Picasso's villa in Cannes, the artist's first question was whether Klein had seen the latest Picasso show in Paris. Klein replied that he had, produced the catalogue to prove it. Delighted, Picasso grabbed some colored crayons, whipped off a quick sketch on the catalogue's cover showing a faun with red eyes, blue nose and green beard, then signed it as a souvenir of the visit (see cut). For the firsthand account that Klein brought back with him of Picasso's life today, plus an evaluation of Picasso's most comprehensive U.S. show thus far, see ART.

ROCKETS have always been as much a part of the U.S. summer scene as Fourth of July oratory. But today their gigantic descendants have become one of the fastest-growing U.S. industries and a first line of national defense. As missiles begin to supplant aircraft in the U.S. arsenal, the rocket-men are developing a fantastic new family of engines to conquer outer space. For a look at the companies that make the power plants of the future, see BUSINESS, The Rocket's Red Glare.

LITTERARY symbols are made not only by authors. but by readers--whenever they feel the need to sum up a phase of their own lives and times. Readers seized on Goethe's Werther and Byron's Childe Harold as handy symbols of romanticism, on Flaubert's Madame Bovary and Ibsen's Nora to stand for the restless "modern" woman, on Hemingway's Lady Brett to personify the Lost Generation, on Sinclair Lewis' Babbitt to embody a generation that resolutely refused to get lost. Now a new literary symbol has emerged, a character who is a kind of poor relation to the rich, left-wing intellectual of the brilliant Huxley 'aos. He has started not only a new literary trend in Britain, but he marks the end of an intellectual era. See BOOKS, Lucky Jim & His Pals.

WHATEVER happened to the big brassy nightclub? It is fast disappearing, together with its chorus lines, revolving lights, oppressive waiters and stiff cover charges. Taking its place, for better or for worse, is a new phenomenon of American night life. See Music, Rise of the Music Room.

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