Round Purse for KAL-CAL

I joined the KAL-CAL (Purse Round Up) on June 12th. I am just now getting around to knitting my first bag. Most people are already on their 2nd bag. Some are on their 4th bag! Well, I suppose somebody has to bring up the rear, right?

I was all excited about this design when I thought it up a few weeks ago. My excitement faded once I cast on. My first attempt had the bottom of a bag looking like a cone. It was then I realized that I had no idea how to knit a circle. Upon consulting my "Knitting Without Tears" book, I located the basics of making a circular shawl. Obviously, my little bag did not need to be so big, but I would just stop knitting the circle once I got to the size I liked. Gosh, it seemed so simple. For some reason, I was determined to make it easier. Yarn overs are easier to make than M1s. Common sense should have told me that yarn overs wouldn't look good in the bottom of a purse. Sometimes you have to snub your nose at common sense in order to realize how right it is. Three tries later, I finally have a circular bottom for my round purse.

Now, I am working on the body (height) of the purse. Can you tell what it is yet?

I haven't completed many repeats of the cabling, so it is a bit deceiving. As a hint, the bag will be called "Luck Runs Out". Due to the name, it is not the best purse to take on an outing to the gambling hall, but it is a great purse for your favorite Texan.