Led by Valero and Hess, the energy sector showed significant strength today. Valero Energy has been fueled by gas mileage legislation passed by Congress. Early in the trading day, there was significant action in the Valero calls as call/put ratio exceeded 3:1. Bullish comments from Jim Cramer as well as others did nothing to curb the enthusiasm in the sector.
Hess , the fifth largest oil company traded at an all time high today closing up over $5 in New York after Friedman Billings & Ramsey Co. increased their forecast for 2008.