Pickering comments: Energy stocks (OSX $265, E&P $504, XOI $1406) – Not pleasant yesterday. Energy stocks were 1-3% lower, even when Dow was +120 points as gas prices took another hit (closing down 2.7% to under $7/mcf). First time in recent trading that bulls willing to relinquish reins to softish datapoint(s). Watching this closely as rally-to-date has shrugged off what we consider to be meaningful gas market overhang.