I believe they changed it to a Orange at 2 PM this afternoon. This one might deserve a bit more than a once daily look.

TROPICAL WEATHER OUTLOOK
NWS TPC/NATIONAL HURRICANE CENTER MIAMI FL
200 PM EDT SAT JUL 31 2010

FOR THE NORTH ATLANTIC...CARIBBEAN SEA AND THE GULF OF MEXICO...

A TROPICAL WAVE JUST WEST OF THE CAPE VERDE ISLANDS IS BEGINNING TO
INTERACT WITH AN ELONGATED AREA OF LOW PRESSURE LOCATED ABOUT 500
MILES TO ITS WEST. ALTHOUGH THIS ENTIRE AREA OF DISTURBED WEATHER
REMAINS DISORGANIZED...SHOWER AND THUNDERSTORM ACTIVITY HAS
INCREASED DURING THE DAY. CONDITIONS APPEAR FAVORABLE FOR SOME
SLOW DEVELOPMENT AS THE DISTURBANCE MOVES SLOWLY WESTWARD...AND
THERE IS A MEDIUM CHANCE...30 PERCENT...OF TROPICAL CYCLONE
FORMATION DURING THE NEXT 48 HOURS.

A TROPICAL WAVE LOCATED OVER THE CENTRAL CARIBBEAN SEA CONTINUES TO
PRODUCE LIMITED SHOWER AND THUNDERSTORM ACTIVITY...AND DEVELOPMENT
OF THIS SYSTEM APPEARS LESS LIKELY BEFORE IT MOVES INTO CENTRAL
AMERICA IN A COUPLE OF DAYS. THERE IS A LOW CHANCE...10
PERCENT...OF THIS SYSTEM BECOMING A TROPICAL CYCLONE DURING THE
NEXT 48 HOURS AS IT MOVES WESTWARD AT ABOUT 15 MPH.

ELSEWHERE...TROPICAL CYCLONE FORMATION IS NOT EXPECTED DURING THE
NEXT 48 HOURS.