GE, traditionally thought of as the safest of havens, the quintessential anchor for any portfolio, may have disappointed a lot of investors today. On a day when the market was up over 11%, the best day in stocks since the 1930s, and when 481 of the S&P 500 stocks were up, GE was down 2.3%. We would not have been surprised to see GE up 10 - 15% after being down over 40% on the year, and while it might not be a comfort, there is some relief in the fact that today may be explained by an imbalance from Friday. So don't give up yet.
Shown below is a two day chart of GE, with the price at 4:00 pm highlighted by the dotted red line. As shown, there was a buy-on-close imbalance on Friday that resulted in an unfairly high closing price. If we take the 4:00 pm price, GE was actually up $0.37 today.
click to enlarge