Concordia, Hawes, Pellati (212) 829-5483
Oil and gas continued their retreat along with the overall market after the disappointing report on home sales. Utilities provided a safe haven with the UTY +.38%. Solar stocks and shipping stocks underperformed the overall market. DHT was an exception in the shipping space finishing +1.29%. TSL +5.76% (earnings), ASTI +3.47 and FCEL +2.37% were the exceptions in the alternative energy space. The exploration and production stocks underperformed all energy stocks with the EPX -2.28%. However, MMR rose 10.5% after positive comments made at an energy conference. API inventory data last night showed an unexpected drawdown in crude supplies, but distillates rose more than expected and gasoline showed a build vs expectations of a drawdown. The Baltic Dry Index rose for the 14th straight session.
Overall volume on our pad showed sell volume outpacing buy volume 2-1. Activity in coal stocks picked up with mostly sellers. Much of the sell volume was short selling in the oil and gas names.
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