independent variables ene regressions brad discussed difficult find drivers ene stock behaviours investigated 30 comparable stocks 10 capital market indices three energy commodity indices regular regressions well regressions different legs leads performed variables show significant correlated ene stock particular time periods correlation disappears tested different longer time periods two variables p utility index spxu dow jones utility index util show stable significant relationship ene stock summary relationship found attached file outputsummary see r 2 30 also durbin watson statistics tell us careful autocorrelation basically regression analysis far confirms original opinion hard impossible find real driver ene stock enron added new core business several month ago stock behaved less like tele _ comm stock suggests enron stock entered new phase capture least trying capture characteristics new phase need lit bit time cumulate market date let know need investigate variables come new thoughts vincent