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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: Sir Francis Drake who wrote (2412)7/15/1999 1:01:00 PM
From: Raymond James Norris  Read Replies (2) of 10027
 
The damage is that there are still some people who bought early in the mid-low 60s who may sell. I don't think the blowout at 52 was strong enough (based on volume) for all those people to give up hope and panic sell at a loss - for that to happen, NITE should have dipped just below 50 (observe, the many posts on boards saying "I'm still optimistic, but if it goes below 50, I'm selling").

Compare the spike sell off to $52 to the spike sell off two weeks ago to $49. Notice the former had higher volume than the latter. What's important is volume after the spike, but as the last sell off aptly demonstrates, it is not necessary to have extraordinarily high volume.

NITE is fine as long as it manages to move up from these levels. It's currently struggling at the 20 Day which rests at $55. Part of the reason is NITE's rise - in one year its up more than 1000%. Such stocks usually have to base before they can get another upleg. Take Amazon as an example. In April, it attempted a breakout and failed - due to both earnings and the fact the stock price had appreciated considerably.

I would only be concerned if NITE didn't clear $55 soon. At this point though, the chart is in tact.

Conservatively Yours,
Raymond J. Norris
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