3SOF

Again, new all time high for ACE 

What's interesting is that the stock makes intraday corrections on profit taking but immediately there's some «buy the dip» attitude and the stock climbs back to a fresh new all time high on a closing basis.

You got love, and absolutely can't sell, a stock with this kind of behaviour.

Unfortunately ACE changed its tune, and it didn't make a new all time high today. The stock fell 0.54%, in sympathy with the general market.

But I continue to be bullish on the general market and on ACE, so I have no reason to sell here. The trend is still up, and the trend is my friend.

ACE filed its 10-Q with the SEC yesterday before the open but  don't have time to analyze it now.  But the stock reacted as business as usual, so no surprises for the big bulls buying this stock.

I'll just keep on letting the profits run.

As usually happens, the stocks that were already rising are the ones that rise the most when the general market makes a bullish breakout.

Wow, what a beautiful white candle to new all time highs ACE made. I just sit tight and enjoy.

Who would think that this $50 stock would give me a 13% profit so quickly and without any scares in the meantime? I bought it and it didn't stop going up. Another all time high yesterday.

Speculating isn't so much about hard work or picking exactly the right stock. It is about timing. And the time now is to be full invested and let the profits run.

I'm on another computer today so charts are not so annotated as usual.

Bulls got a bit overexcited on ACE (it's understandable) and they produced a gap up at the open. Then the stock came down to exactly close the gap and recovered again by the close.

The stock wants to go above $60 and it wants to do it now. I will ride the rise with the ACE on the 3 Stocks on Fire Portfolio.

ACE came down with the general market on profit taking, no big deal. Fund managers will probably add on support and take the stock to new highs before the end of the year.

I will continue to hold ACE.

Trading Plan for ACE: Hold for as long as it is set to close above the ascending trendline on the chart below. For today's session that trendline stands at $54.4.

ACE reacted positively to the support provided by the ascending trendline. The company released good news yesterday just before the close:

ACE Limited Declares Quarterly Dividend

I will just keep the plan of holding the stock for as long as the trend remains bullish, and that's measured by the ascending trendline on the chart below. For today that trendline stands at $54.75.

There weren't any news during the weekend, I'll just keep the plan of holding for as long as the stock is set to close above the ascending trendline on the chart below.

For today that trendline stands at $55.06.

Perhaps I'll have to take my profits on ACE, the stock is coming dangerously close to the ascending trendline I'm using as a guideline to hold/sell decisions.

For today the ascending trendline stands at $55.40. If ACE is set to close below $55.40 I'll sell. If not, I'll continue holding.

The plan was:

Quote from: David Randolph on November 22, 2005, 07:04:22 AM
Perhaps I'll have to take my profits on ACE, the stock is coming dangerously close to the ascending trendline I'm using as a guideline to hold/sell decisions.

For today the ascending trendline stands at $55.40. If ACE is set to close below $55.40 I'll sell. If not, I'll continue holding.

So I sold ACE today before the close, at price $55.10.