GUSTAV!

The forecast takes Gustav right toward rig land and as a major hurricane so nat gas is reacting accordingly by rising another 50 cents this morning adding to yesterday's gain of 50 cents.. Oil is up 2 dollars. So weather is the catylist behind what should be a higher open for energy stocks and mlps.


Meanwhile we are still basing and we saw a near 1 point gain yesterday. And that process continues as we are challenging the moving averages that sit just above us.


One of yesterday's bigger gainers was Copano (CPNO) which has been one of the mlps that has held up a little better than others. The chart looks "bottomy" or bottom-ish so you can add it to the list of mlps that have at least put in some sort of a floor.


No corporate news this morning and no upgrades or downgrades. If we have indeed bottomed we are due to have a day where we are up substantially and across the board for MLPS. A 1-2% gain and a trip to 275 will be a sign that we are on a (slow) road to recovery.