ANOTHER FRIDAY AND

MORE VOLITILITY!

400 UP...700 DOWN...1000 PT daily ranges. Its the new normal. And MLPS doing the same sort of thing albeit in a more dignified lagging sort of way. There are some encouraging technical signs showing up these last few days (i know its hard to imagine) but we have higher lows, increasing volume coming in on these rallies. Its a start at least.

Copano (CPNO) raises the distribution by a penny which is less than what they've done in the past blaming hurricane IKE issues. The company which has always had a high coverage ratio says the coverage ratio due to IKE is lower than what they would like;but they also hint that this is a one time thing. I don't know if this has any impact since the market seems to be the primary driver anyway.

Atlas Energy Resources is announcing their hedging positions. Looks like they are hedged at 9.00 nat gas for 2009. We have a 6 handle right now.

Nothing on the upgrade downgrade list. Oil is a little higher and so is nat gas. Another day...another wild ride.