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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Joseph Silent who wrote (2454)	7/16/1999 2:57:00 PM
From: Sir Francis Drake	Read Replies (1) \| Respond to of 10027

Joseph, there is a tremendous selling, and has been since the morning. I saw a lot of big block sells, and only a handful of big block buys. The big block sells definitely predominated. There is very clear selling into strength. Whatever the Thompson data - I think you need to be careful in how you evaluate what "super-sell/buy" orders mean. What I do see, here on the ground, in the battlefield, is massive selling. The selling though is also coming very prominently from ISLD. Frankly, a negative close today would be very nasty. The Nasdaq is very positive, the tech leader, MSFT bellwether is breaking new highs, and even AOL is positive. There is a very nasty pattern at work here. Pretty much every OLB that reported, no matter how good, sold off. Today SCH is down 3, and that is giving the whole OLB sector a black eye: AMTD, EGRP, JBOH, SWS, etc., all down. So, what hope is there for NITE? Most people lump NITE w/ OLBs - for whatever reason. So, now the pattern is crystal clear - and folks figure, the only direction NITE is going to go after earnings (at least short term), is down. Meanwhile there is NO run-up toward earnings, and even if there were, it'd be met with folks selling/shorting, figuring, it will only get worse after earnings. Plus, throw in a couple of things: after earnings, people figure things will only get worse, as good news is already out, nothing to look forward to but slower quarters ahead, market likely will turn down, and brokerage stocks do badly during such times. Plus, you'll have shares overhanging. Technically, it looks like a disaster. So, I'm not surprised to see NITE trading at this point very, very, very, weakly. I mean, there are 2 days left (plus the rest of today - HAH!) to stage a "run" - sigh... Good luck! Morgan