Yes. You can use the Fixed Effect>Rotation, to correct to horizontal.
Note: you might also need to Scale up the Clip, just a bit, to effectively crop out the edges of the Frame, when you correct the orientation. That will be done via the Fixed Effect>Scale.
The detailed route to Rotation in Premiere Elements 9.0/9.0.1, is
1. Highlight your clip on the Timeline, and go to Properties Palette (either via Properties Icon above Timeline or Window Menu/Properties.
2. In the Properties Palette, go to the Motion Panel expanded where you will find the Rotation option.
Rotation can also be found by right clicking the video on the Timeline and selecting either Rotate 90 degrees Left or Rotate 90 degrees Right....less control and choices there than there are via Properties Palette route.
Thanks alot that was very helpful found it perfectly alls straight.
Great news. Please do not hesitate to ask if you have further questions about your Premiere Elements workflows.
Thanks for the follow up.