diff --git a/src/cmp/cmpopt-constant.lsp b/src/cmp/cmpopt-constant.lsp
index cbd511088..d8a8d2849 100644
--- a/src/cmp/cmpopt-constant.lsp
+++ b/src/cmp/cmpopt-constant.lsp
@@ -17,12 +17,12 @@
 (defun constant-expression-p (form &optional (env *cmp-env*))
   (or (constantp form env)
       (and (consp form)
-           (loop for c in (rest form)
-	      always (constant-expression-p c env))
-           (let ((head (car form)))
+	   (let ((head (car form)))
              (or (member head '(IF OR AND NULL NOT PROGN))
                  (and (get-sysprop head 'pure)
-                      (inline-possible head)))))))
+                      (inline-possible head))))
+           (loop for c in (rest form)
+	      always (constant-expression-p c env)))))
 
 (defun extract-constant-value (form &optional failure (env *cmp-env*))
   (if (constant-expression-p form env)