On a slight continuation of this week’s rally for the S&P 500 today, when reading between the lines, we had some winners and some losers. In fact, four of the major sectors are down on the day heading into the last half hour of trading, with energy being the worst performing sector out there. While the S&P 500 is trading roughly +0.32% from yesterday’s close, the energy sector is down a whopping -3.31%.
While it would be easy to blame the sector’s lack of performance on the fact that both WTI crude and Natural gas prices are down on the day, I’d like to highlight a few standouts within the sector that I feel are noteworthy.
Genoil Inc. (OTC-PNK:GNOLF) found some early success trading up to $.024/share (+380%) following the open. While the New York-based company did this move on zero headlines and weaker than average volume, I still find it noteworthy with such an extreme move. This moved the stock to cross above its 100-Day SMA.
Following in the footsteps of the overall sector, Skye Petroleum, Inc. (OTC-PNK:SKPO) was smacked down during today’s trading session, currently at $.0079/share (-8.14%). One reason I decided to include Skye in today’s report is that even though it’s down on the day, it's heading in the right direction toward the close as it is now back above its 50-day SMA, trying to hold onto its slight uptrend since the start of this year.
