It was pretty much a throw away week but there were a few highlights:

• Markets lacked direction and volumes outside of a few highly traded names in the financials. Talking heads continued to call for a market top and a substantial correction based on the run we’ve had, the weakish recovery signals and the time of year.
• Economic data was mostly on the positive side with higher consumer confidence and home prices helping markets feel their way forward in this jobless "recovery".
• Oil fought off a move into the $60s after the October contract hit $75 and went into profit taking mode for a couple of days. Demand data here are starting to pick up from a "total products supplied standpoint"
• Meanwhile, natural gas deteriorated for the second week on an "in line" storage number, little threat of tropical action, and supply data for June which continue to show little deterioration despite the fact that gas rig activity peaked way back in September 2008.
• The Natural Gas Supply Slide Show will be included in the Monday post. 
• Newfield fired off the first voluntary gas supply curtailment announcement by a good sized company of the season while reiterating that they will still come in towards the high end of their prior volume guidance. Can you say Granite Wash = Big Kahuna. Interesting, cheap name whose time for respect is coming as they have a better than usual reserve replacement year and as they approach initial production from 5 deepwater development projects in 2010.
• Expect to see more natural gas production curtailments in coming weeks.
• Otherwise, news in the energy world was scarce and largely irrelevant. ATPG had an investor day and I’m still working my thoughts on that one, a little more slowly since it has had a good run. News flow should begin to pickup with the advent of Fall and we should see some pre earnings pr’s of substance soonish.
• …. more in a bit .;..

Holdings Watch:

• $10KP II: $6,300 / 36% Cash. The spreadsheet will be updated by Sunday night.
• No closed trades this week.
• We did add more (KOG) to the ZLT.