The reference to "Resolved as physical" in the EAR attack rules is specificly and in context referring to the fact that the bolts and balls do not grant a RR. . .
"Missiles" are defined on page 12 as "Slow moving", as opposed to "Projectile weapons" or lightningbolts. (I parry at the speed of light!)
the EAR resolution section, and table, do not include parry.
If they did, fighters with shields and a 100 weapon OB could close with a mage 10% move, while parrying "missiles" for +90 DB (over their normal DB). . .good luck getting a hit in. (Compare fighter melee OBs to Mage directed spell OBs at equal levels.) <Yamma pointed that out first I must admit>
The Arms Companion added the "Spell Deflection" skill to allow you to use a shield to parry EAR attacks. (Why add a capability to one you already had)
Take a look at spell law. . .will "Aim Untrue" or "Deflections" that work vs missiles work vs bolts?
And the shield specs, with three different DBs vs "Melee", "missile" and "EAR" the "EAR" being lowest. . .since in effect, a shield is just cover. . .
I agree with Yamma. . .Bolts are highly energetic, fast attacks, not missile attacks. . .the various bolt spells in combat are akin to bullets and lasers in spacemaster. . no parry allowed.
EAR, Melee and Missile each have slightly different rules relating to what gives DB, what can parry, what spells affect them, etc. . .the tripple threat makes it far harder to create a character who can casually handle all three. (on purpose I suspect, the system is rife with mechanics purposfully designed to always leave open a weakness.)
I went to check Brent's errata page, found this:
Parrying
You may not parry directed spell attacks without the aid of specific spells. [R, 6/7/00]
I'm pretty sure that "R" means rasyr