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Non-Tech : Knight/Trimark Group, Inc.
KCG 20.000.0%Aug 17 5:00 PM EST
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To: oilbabe who wrote (2224)7/11/1999 4:31:00 PM
From: Lee Martin  Read Replies (1) of 10027
 
Oilbabe,
I think you're right about NITE taking off. Everybody has known about the lockup expiration for a long time. The institutions holding large blocks of NITE have shorted it as a hedge to protect themselves from a possible selloff. Since they are already short they aren't going to be selling NITE. Does anyone think that the folks holding NITE are dumb enough to think they can unload their shares on or after the 13th without cratering the stock? Heck no, they've already protected themselves by shorting it and now have no reason to sell.
The big boys have been selling the "rumor" and therefore it has already been discounted in the stock price. So what happens when the 13th comes and goes and NITE is still hanging in there with blowout earnings due on the 21st. They unwind their shorts and buy the "news"(NITE didn't tank) and buy the rumor (NITE's gonna have blowout earnings and major good news). After NITE reports I guess they can then sell the "news" again.
In other words, I just think that right now everybody has gotten too negative on NITE and when this happens the stock usually goes higher. When it goes through the roof and everybody thinks it can only go higher that's when I'll start worrying.
Regards,
Lee
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