I think we saw the low or near low in this cycle for HOU.

I took down a nice position in $4.00 range.   Have played/traded HOU for years with the cycles.

Look at the historical chart.  

Iran percolating in background... how long will that be allowed to continue ?  Another 6 months ?  Another year ?  Syria and potential for wider conflict.   Winter consumption season and Sandy's winter effects yet to come in places like North Dakota, a major oil producer.   etc.... 

I believe HOU is on it's gradual leg up now.