The stock market just came off an all-time high, and late last week looked like it wanted to do a 10% correction. In a hurry. Investors are frightened. Various reasons have been cited by others--slowing economic growth (wrong), serious loan repayment problems among homeowners (crap), and a condition known on The Steet as "over-bought (maybe)." Over the weekend, various financial publications warned of a potential crash today.
Personally, I hope so. It will be a great buying opportunity, and one, I think, not only for longer-term investors. That is, if the market dives hard at the opening today, I think even hot tipsters and traders like me can jump in and make some loot. In the business, this is called "trying to catch a falling knife." I don't have to explain that one, do I? I mean you, the image is pretty clear in my opinion.
What will I buy, risking bloody hands? My latest hot tip, of course. Exelon Corp. (EXC) on the Big Board.
Exelon is a utility services holding company, delivering retail and wholesale electricity to customers in the Chicago and Philadelphia areas. A pretty stodgy stock for this hot tip player. I hate buying expensive stocks, and EXC sells for about $70 a share. But I have it on excellent authority (not the guy who gave me TGE) some big European outfits are looking to buy the company for in excess of $80 a share.
I'll check back in later today--say around 10 a.m. (EDT)--and tell you what I've done.
BTW--Where was I this weekend? Why no posts on Saturday or Sunday?
I'll never tell.
Update at 10:09 a.m.-- I bought us 50 shares of EXC at $69.12, total cost $3,464. Spent a bit more this trip, er tip, because it's a utility, not a penny stock. Also, like all gamblers, I'm trying to catch up for the previous loss.