AmBase Corporation (OTC:ABCP) hit a new 52-week high yesterday on a slightly more active trade than average.
Statistics show that 184 thousand shares changed hands on the last trading session. At the same time ABCP stock went up 15.45% to $1.27. Thus the stock hit another record annual value and additionally solidified its position above the $1 mark.
Along with the optimistic (for the long investors) session an 8-k form was filed with the SEC yesterday which has influenced the trade.
The 8-K form announced that on October 31, 2011 Senior Judge Loren Smith denied the Department of Justice's Motion to Reconsider.
From a technical point of view it must be pointed out that after the last session an important turn point was reached as far as the MACD indicator is concerned. The MACD indicator has maintained a negative divergence with the stock's price movement ever since the huge jump in September.
After the last session, the MACD curved up which has definitely attracted more speculative eyes on the ABCP stock. Whether ABCP will manage to maintain the increased attention depends mainly on various factors such as the company's effort and the technical set-up presented by the chart.
I am a astute value investor. I do not believe that warren buffett is the value investor he was years ago if he was he most certainly would have caught the spectacular comeback of ford motor. This stock was trading at just 1 dollar a share two years ago the shares trade at 10 dollars today and the company is well on its way to becoming one of the worlds leading automobile companies. Another good example is apple computer the shares traded at just 5 dollars in 1998 today they trade at 440 dollars. He did not see this one either their are numerous other examples. I could go on and on their are dozens of stocks major companies to. Warren tends to concentrate on megacap stocks. Their returns tend to be lower Warren has stated this many times. The notion that theirs no quality stocks under five dollars is total complete nonsense.
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