At the beach yesterday, I was patting myself on the back for trading Exelon Corp. (EXC) so well last week. After selling out at more than $74 a share, EXC dropped back to $71. More important, our Hot Tip account is actually in the black. Wonder of wonders, we're up $120 after two trades. But then my EXC Hot Tipster called on the cell phone.
"You didn't sell, did you?" he said.
"I sure the heck did. Five points in three days?"
"But I'm telling you, there's a merger coming."
"Bulls make money," I said. "Bears make money. Pigs get slaughtered."
"Oh, save the axioms for your blog readers. When EXC gets taken out for $90 a share, you're going to be sorry."
That got me, I have to admit. I just LOVE takeover rumors. So despite my fear we're about to get slaughtered like a pig, I'm going back into EXC this morning near the opening. I'll update here when I make the purchase.
UPDATE @ 9:39 -- Bought us the 50 shares of EXC back at $72.36 each. Total cost, $3,626.