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

To: Joseph Silent who wrote (2667)	7/21/1999 3:19:00 PM
From: Jerry Olson	Read Replies (2) \| Respond to of 10027

KInda amazing since MF is so negative..slient accumulation going on from someone...

To: Joseph Silent who wrote (2667)	7/21/1999 6:33:00 PM
From: Sir Francis Drake	Respond to of 10027

NITE closed above 52 which I was looking for. I was also looking for NITE to break below 50 which it did. Both those are bullish. And it happened on big volume, which is also bullish. Was this the ideal scenario? No, I'd have preferred for NITE to bounce off 48 1/2, instead of 49 1/2, and I'd have preferred the volume to be even greater (8 million shares). What this means to me, is that basically NITE is stalled. We may still see a retest down to 48 1/2, but basically, we should have support here. Unfortunately, if we do not retest the 48 1/2, NITE's climb will be much slower, and will still be met by momentum-breaking selling (that we did not get rid of by going to 48 1/2). The trouble with this scenario, is exactly the lack of momentum. If, as is likely, NITE stalls, it will be increasingly abandoned by those who are looking for their capital to work more actively for them. That further removes momentum, and the stall is prolonged. At that point, you have to wait for significant company-related news to inject new momentum in it, as the old one has been drained away. Longer-term holders will need patience. From my examination of today's trading, my preliminary conclusion (no surprise) is that indeed MLCO has been accumulating shares, and that a lot of the other action we saw today, was traders shorting and covering; actual retail buying (new buys, not short covering) appears to have been rather modest. Disclaimer: even though I feel reasonably confident of my conclusions, this is speculative to some degree. All in all, this was not a bad day for NITE. Morgan