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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 (2771)7/26/1999 2:36:00 PM
From: Herschel Rubin  Read Replies (2) of 10027
 
What makes you think today's drop is due to shorting? Just a guess or what?

You can't determine shorting from a Level II screen, unless I'm missing something. As far as I know, only a market maker sees whether a trade is a short on the ticket (because his execution must abide by the uptick rule).

My guess is that today's action is selling due to the somewhat unfounded concern about ECN's. Add to this, the general market malaise. Barron's news articles tend to have a short-term effect (1-2 days).

I would prefer that NITE's drop today was due to shorting because as we all know, shorts represent latent buying power, but I really don't think institutionals would be foolish enough to short at these levels except for a brief daytrade. But then again, I've seen institutionals do some rather stupid things.

For comparison, NITE doesn't appear to be especially singled out today - everything in the sector is down:

NITE down 6.35%
AMTD down 7.12%
NDB down 4.17% (most of NDB's revs are from SHWD market maker)
EGRP down 3.71%

BTW that Barron's article was blatantly incorrect when it said the 4 million shares shorted against NITE would take 25 DAYS TO COVER! C'mon, average daily volume is 4 million shares. That means a short ratio of 1 not 25.

Wonder what the Barron's author, Bill Alpert, was smoking in his pipe?
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