Hello Morgan and ALL on the NITE Board,
I bought NITE in Late FEB early MAR for $38 presplit and then bought options and sold most at the double top around $150 presplit in MAY,(Talk about DUMB LUCK!!). Kept about 1/3 of my position, got knocked around in June. Finally the day I left to go to see the woman's world cup soccer final with my family, I land in Los Angeles called my broker only to find the stock down $3 and change, to around $57. Over the next few days I sold all of it. Just very uneasy.
Now here is my take:
-NITE is up fron a low of $2 in oct 1998 to a high of $80 in less than a year. (Beats all Internet Stocks including AOL AMZN DCLK hands down)
- Stock is still way above its 200 day moving avg which is around $38, and acting like a MAGNET.
- Way too much BULLISHNESS on all BB's ( I post seldom, but frequent many)
- And believe me, when doctors and nurses want to buy a stock watch out!!! The week before I went on vacation Jul 9th,I was informed by an anesthesiologist that the heart surgeon on our staff was buying NITE and some nurses were wanting to buy NITE.
This LAST indicator works for me most of the time, I went short AOL at $150 when our ENT surgeon was buying "Tons of it".
I don't know where the decline is going to stop but it wouldn't surprise me to see the stock a tad below the 200 day moving avg.
At present I plan to watch from the sidelines untill we have a big down week, all posters start cursing and there is nothing but despair, or the stock hits $30 ,which would still be up 1500% from the low of $2 in oct.
Best Wishes
Prasanna
P.S. Morgan, Your analysis is wonderful and I enjoy it immensely |
