Good Morning. Oil is down a penny this morning. XOI has corrected nicely to the 34 day moving average. If that does not hold next stop is the 55 day moving average which is down around 925. I would like to see a down open followed by a rally rather than a rally at the onset.

NEW LP BEGINS TRADING ON NYSE

Williams companies priced an IPO last night on its LP...21.50 and begins trading today under the symbol WPZ.

No other news on the wire this morning.

On the politcal front check out Gateway Pundit. Pictures of gas lines in China.

And finally some political humor on oil and other things.