ormance vs the S&P 500 Index, led by what appeared to be a big wave of short covering where CHK, DO, APA, SWN, MUR were the top 5 performers in the S&P Energy and all having bigger than average short interests. Again, I have to draw from Doug's weekly (See EFTA00819026 Attached), which sums it up pretty

, a huge headwind to Energy profits. Every $5/- barrel decline in oil prices reduces S&P annual net income by —$7.5bn or nearly $1 EPS, as it hits S&P Energy profits by 10%, even as Energy companies cut costs aggressively. We think Energy stocks are overvalued. We assume normalized oil prices of $65-70