A VERY MISERABLE QUARTER COMES TO AN END

It began with a run to 342...a nearly 3% gain plus distribution...and then came subprime and everything else and the bottom fell out.



We started the quarter out at 331.76 and as of yesterday's close at 295.71 we are down over 11% for the quarter but at least there was one distribution payout so the total quarter return is more like minus 10%. Also yesterday's close was the second lowest close since the the early august collapse. So needless to say we need to hold in here or the outlook near term is a bit grim. However always the optimist here...we are deeply oversold and a snapback rally could come at anytime. The lowest close was 290.88 on August 16th when we retested the August 6th intraday low of 281.20...on the 16th we got to 281.77 and then rebounded. That was the day the dow turned from 12588 and was followed by the discount rate cut the next morning. I have been talking for days and days about portfoilio blowout pressures and since they come to an end today. We'll know soon enough whether i'm right or not.

We have earnings this morning from Ferrellgas and they are at record levels. Morgan Keegan came out after the close yesterday and started coverage on Markwest Energy (MWE) at an outperform and on Plains All American (PAA); it starts that one at market perform.