From the days when Nick Cardy was DC’s house cover artist, doing most of the covers in a given month. This FLASH cover was pretty clearly laid out by editorial director Carmine Infantino, which is something he did for a lot of Cardy’s covers. That cloudy ghost figure is so clearly Infantino-based.
The strong diagonal action of the Flash as he attempts to catch the bullet in flight, and the opposite diagonal action of the ghost create a nice arrow effect pointing to the target–who is highlighted by the moon almost like a bullseye. The deep blue background color is attention-getting and sets a fine mood. The red logo ties it all together by mirroring the only other red on the piece, the Flash himself.