Bane [Baldwin Bane, New York chief of the SEC] was being bedeviled by a promoter who wanted his approval to register stock in a gold mine. Every day, Bane, who smelled a rat, found a reason to turn away the promoter, always demanding more information. One day Bane, opening his mail, mistakenly read a telegram for the promoter from his partner out west. It read, "CANCEL REGISTRATION. HAVE FOUND GOLD."
Martin Mayer in his book Wall Street - Men and Money, 1955.
In a bull market the trend of prices, of course, is decidedly and definitely upward. Therefore whenever a stock goes against the general trend you are justified in assuming that there is something wrong with that particular stock.