This is very bad performance from NITE - after steadily sinking from 60+, it goes below 50, and cannot hold 45???? There is just absolutely no bounce in this stock. Interest rates or not, NITE is weak, weak, weak. Sure, a positive market wouldn't hurt, but I'm afraid the goose is cooked for NITE. This is going to be a long time climb, before we ever break 64 again. One should either trade it (my saving grace, otherwise I'd be sitting at a loss at 48 1/2 - as is, I'm up nicely), or forget it (as an investor, just put it away, looking at it every day will give you nothing but ulcers). NITE is a goner for a long time. A technical bounce from an oversold position, will only be fodder for more shorting (sucker rally). The only way for NITE to climb and hold gains, is if it has some dramatic PR come out (I don't see it) - otherwise we have to wait out the long fall and winter, and see steady good earnings for several quarters which will show that the ECNs do not kill NITE business. Sorry to be so down on this, but this is the reality. I still like it on FA grounds, but if there is one thing that I've learned as a trader, is to never fight the market, and right now, rightly or wrongly the market hates NITE with a vengeance.
Good luck!
Morgan |
