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

To: Jerry Olson who wrote (2503)	7/19/1999 2:21:00 PM
From: Sir Francis Drake	Read Replies (2) \| Respond to of 10027

OJ - why are you doubling down? I don't see it. The risk inherent is quite large. If NITE closes down today, what makes you think it will not go lower tomorrow? That's one day ahead of the earnings - do you still expect a pre-earnings run? With each and every OLB going down after release of earnings, and NITE lumped w/ OLBs, why do you think people will be buying? So, odds are price will head lower, and one could buy lower tomorrow. If NITE sells off after earnings, and the market turns down in the days following, it will be pretty brutal. Hello 40s again. Now, the very, very unfortunate thing about all the technical damage done to NITE in the past few weeks is this: NITE is close to its natural support level of 48 1/2, and if there is to be a decline, it does not leave much room to decline before it confronts breaking the support line. Much better had NITE declined after earnings from the level of 64 - then it is a long way to 48 1/2, and it would not likely even reach below 55. Unfortunately, brutal technical damage has been done, and now NITE sits only 4-5 points away from the 48 1/2 support. The contrary bullish scenario therefore would be if NITE does not decline after earnings, since it has already declined to close to the support line, and the only direction is up. So, looks to me like you are counting on the contrary bullish scenario - but that assumes the support line holds and is strong enough; if it is strong enough, it will force the price up, and at that point you could see momentum come back to the stock. Time to place your bets! Morgan