Energy Sector Missed The Memo

Finally, a day when the S&P 500 closes on a positive note along with eight of its main 11 sectors. The energy sector, however, seemed to have missed the memo that it was supposed to be a good day for bulls. As of late trading, the sector was down around 0.7% on the day, which is a grim outcome when compared to the +0.8% we’ve seen so far for the index.

One standout that I was excited to come across was that of Zion Oil & Gas Inc. (OTCQX:ZNOG). The company started the day up a whopping 34% in early trade up to $.2651/share on news that its drilling rig is set to depart for Israel.

This bullish open broke out above the 10-day simple moving average (SMA), which served as support later in the trading session. While the stock did erase a portion of this morning’s gains, it was trading up around 11% from yesterday’s close going into the final 30 minutes of trading.