It is not my intention to write about Hot Tips every day, but TGE--Hot Tip #1--is turning into a classic lesson for retail stock-market investors. Hot tip, my ass. That puppy went straight down from the opening yesterday and traded as low as $9.73, down a stick and a half from our Monday purchase price.
Between his round of tennis and afternoon golf, we finally located our Hot Tipster at the Hilton's outdoor beach bar. I shouted at, and cajoled people, until I got HT on the telephone. "So what's the word on TGE?" I said. "Did your friend manage to sell all his shares?"
"They've been buying all the way down. Nothing's changed. The story holds. If you've got cash, buy more."
"This doesn't look like a takeover-rumor stock," I said. "I'm thinking more of a pump and dump."
"Are you watching the volume? There isn't any now, but check at the end of the day."
He wouldn't budge. I said goodbye and checked my screen off and on during the day. Sure enough, late in the afternoon, TGE's volume and price picked up. It closed at $10.15, still off more than a stick from our purchase, but well off it's lows.
I got physically excited watching TGE move back up. I bought us another 100 shares at $9.90.
That darn HT is a silver-tongued devil, isn't he?