When a Stock Doesn’t Follow the Market
09/09/2008 12:00 am EST
Whenever I see stocks not participating in a broad market sell-off or buying trend, it signals to me that either:
- A specific news for that company is driving the current price independent of the market in general or,
- The stocks will participate, but on it’s own time—usually a day or two later.
One such stock today seems to fit criteria “B”—Chart Industries (GTLS). No bad news (as of today) and in fact they had their credit rating upgrade just a few weeks ago by Standard & Poor’s.
Might be time to go long GTLS. But wait thirty minutes after the open to see what its behavior may be for Tuesday.