THE ROAD TO FREE NAT GAS!

Pre open nat gas is down another 2% or almost 4 cents as we approach the 2.25 bottom set back on January 23. For longs this is a criticial test and if it holds in here there will be all sorts of divergences that will develop in the argument that this may be "the" bottom instead of "a" bottom. Average daily volume, relative strength, and all sorts of momentum indicators will be screaming "go long" in here. But as always with these things one must tread carefully. We have been at these points along the way down in what is a vicious bear market. $3 dollars one might remember was the last unbreakable line in the sand. Then it was $2.50. You wonder if a 1 handle on nat gas is the ultimate destiny. It might be if they keep finding more of it and we have an administration that wants to put a windmill in every car.

MLPS took their biggest hit in a long time yesterday down almost 6 points on the index and holding just above 400. No news drivers other than the sell off in the overall market and we really don't have much to move issues today other then the market is up pre open on a post sell off bounce. We will find out what this sell off is made of by the quality of the rally attempt today. No upgrades or downgrades on the tape this morning.