Time to Throw in the Towel on GE?

| About: General Electric (GE)
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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