Hello Matt Motley, 

In this issue: Big Picture on Merchant Energy - Merchant Energy players have experienced significant upside over the past month; however, as we have stated previously, investors should continue to expect volatility through the end of the summer as several uncertainties continue to haunt the sector. 

To download this report Click here <http://www.reedwasden.com/members/download.asp?ID=150&email=matt.motley@enron.com>. 
If a link does not appear above please copy the url between the '[' and ']' below and paste it into your browser. 
[ http://www.reedwasden.com/members/download.asp?ID=150&email=matt.motley@enron.com ] 
Please make sure that your email address is at the end of the url. 

Thank you, 
The Sector Reports Team 

As always, we welcome any feedback on our research including questions and opinions. 
To be removed from this mailing, click here <http://www.reedwasden.com/unsubscribe.asp?email=matt.motley@enron.com&pubid=2> or reply to this email with 'UNSUBSCRIBE-Sector Reports' in the subject field.