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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 (2779)7/26/1999 3:03:00 PM
From: Herschel Rubin  Read Replies (1) of 10027
 
We've seen some large sells today, but there's a seller for every buyer as we all know. New hands keep moving in. The key is if we see continued price erosion in NITE.

Right now, they've taken out stop loss orders just below $45, but the Nasdaq has just ticked down significantly. It is normal for NITE to have a higher beta than the Nasdaq. But when I see NITE moving way out of sync with the Nasdaq, I get concerned. If you chart the Nasdaq alongside NITE, you see NITE has followed the Nasdaq fairly consistently.

Oddly enough, you would think if people took that Barron's article seriously in which it stated that the short interest of 4M shares represents 25 trading days' volume, that they'd stay away from shorting NITE (It's no fun to be the last short and short interest ratios of 25 are well-worth avoiding for the casual shorter).

Looking at the bigger picture to put today into perspective, NITE's volume today seems to be ending the day on the low side. Or at least not a massive sellout. I know you (Morgan) have said NITE needs a panic sellout bottom (somehow it is more satisfying), but I've seen enough cases where bottoms have been put in on thinning volume. My guess is that NITE'll close today at or below 3.9M shares (only 3.17M now) which doesn't constitute a panic selloff.

In the morning, with the markets swooned, it was a free-for-all amongst the NITE market markers as they cleaned out the stop loss limit orders in the $45 range.

I view all of this as really healthy for the markets and for NITE.
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