Recap of the Week; Solar Sector, Coal and Oil

• Energy was off over 8% on the week amid numerous negative headlines. Concerns in Greece/ Euro area caused a sharp spike in the dollar, the Gulf spill continued to weigh on producers, and the Australian mining tax hurt coal miners.     
• Integrateds were off around 7% on the week as oil falls over $10 and the Gulf oil problems continue. MUR was the weakest name, falling 10% on earnings, while BP was only off 3% (keep in mind they fell 20% last week).     
• Services and drillers fell sharply as well this week, down around 10% on average. The groups have been hit the hardest on the Gulf spill and a $10 drop in oil didn’t help either. Earnings out of HAL and RIG did little to give the space support as macro worries overshadowed any positive news.  
• Refiners were off 6%, a “victory” given the weakness in the market this week. Crack spreads were mostly lower this week, but the group almost acted as a defensive given their outperformance.     
• E&Ps fell sharply this week with market weakness. The group also saw some mixed earnings reports as PXP, XCO, and SGY were on the weak side and DVN and CHK came in fairly strong.     
• Coals were one of the worst groups within energy, falling around 12% on average. The group took a hit on the Australian mining tax, even though BTU is the only name with significant exposure in Australia.     
• After their recent rally, shipping/tanker stocks got slammed this week, off around 10-12%.     
• Solars were the weakest group in the market, falling some 15-20% as uncertainty over subsidy cuts and worries in Europe, its biggest market, persist.