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To: Sir Francis Drake who wrote (2771)	7/26/1999 1:53:00 PM
From: Johnny_Blaze_420	Read Replies (1) \| Respond to of 10027

Sold 33% of Holding at a good loss due to margin call. Expect it to retest the 40-42 range as Morgan also stated. Probably will play other stocks until this one finds a direction. JB420

To: Sir Francis Drake who wrote (2771)	7/26/1999 2:17:00 PM
From: blankmind	Read Replies (2) \| Respond to of 10027

investment sector stocks have been under pressure as a group, so nite is not alone, although it certainly has taken a very hard hit so far after a positive q. shorting? i do not know, but certainly volume has tailed off since it reached the 80 area. i think calling for the low 40's until 45 is breached is somewhat presumptuous. right now it would appear easy to predict a lower stock price based on the past, but this would be a static type govt model. DATE HIGH LOW CLOSE VOLUME 7/26/99 47.438 45.125 45.688 2543000 7/23/99 49.188 46.125 48.719 3688600 7/22/99 51.5 46.625 47.906 5470600 7/21/99 53.188 49.5 52 6821500 7/20/99 52.25 50.063 51.125 5270200 7/19/99 54.875 51.25 52 3395500 7/16/99 56.188 54.25 54.5 2690000 7/15/99 56.5 54.063 56.063 3238000 7/14/99 57.25 54.063 55.125 3209000 7/13/99 55.813 52.063 55.188 4581800 7/12/99 59.5 55 55.75 4441100 7/9/99 63.563 56.313 57.563 6761600 7/8/99 64 59 61.25 5192800 7/7/99 63.25 58.125 60.75 2883700 7/6/99 64.813 59.375 60.75 4707100 7/5/99 7/2/99 60.5 58.063 59.375 2311000 7/1/99 62.813 57.063 59.375 5076800 6/30/99 61.438 53.75 61 7881900 6/29/99 56.375 52.625 55.5 4533500 6/28/99 52.375 49.125 51.813 2745400 6/25/99 55.25 50 51.625 3928400 6/24/99 57.375 53.625 54.188 2260000 6/23/99 56.5 51.75 56.25 3194000 6/22/99 60.625 52.875 54.875 5580200 6/21/99 59.125 53.5 59 5098800 6/18/99 53.5 52 52.75 2198400 6/17/99 55.75 48.25 52 6549300 6/16/99 52 45.625 51.875 8429500 6/15/99 45.625 40.125 41.875 6027800 6/14/99 50.813 41 43.25 8354500 6/11/99 57.75 51.75 52.875 3580700 6/10/99 58 55.875 56.75 3698300 6/9/99 62.5 58 59.563 6432200 6/8/99 62 58 59 6887300 6/7/99 58.844 52.25 58 5224900 6/4/99 52.438 48.25 52.313 3679100 6/3/99 55.25 50.563 50.625 2794000 6/2/99 54.5 49.188 53.25 7567800 6/1/99 56.5 50 51.313 3848100 5/31/99 5/28/99 57.188 54.625 56 3078000 5/27/99 57.75 51.25 54.688 5876300 5/26/99 56.25 47 53.875 8420500 5/25/99 60.688 52.125 52.25 4881700 5/24/99 65.375 58.5 59.25 3831800 5/21/99 67.25 61.25 65 4217100 5/20/99 70.5 64 64.344 3427500 5/19/99 73.875 68.875 69.5 2721700 5/18/99 75.375 71.063 71.719 4820100 5/17/99 78.625 70.25 73.313 6432700 5/14/99 74 70.5 71.063 5762400 5/13/99 78.375 72.906 74.969 5097600 5/12/99 78.375 73.25 75.25 4418400 5/11/99 81.625 75.313 77.25 7974800 5/10/99 79.281 70.875 78.469 8570800 5/7/99 74 68.313 72.625 8805200 5/6/99 75.5 68.469 70.063 11638600 5/5/99 74.75 59.5 74.25 13648800 5/4/99 78.125 65.563 66 8041000 5/3/99 80.188 74.125 76.688 8303600 4/30/99 80.75 72.5 76.594 10805000 4/29/99 73.125 64 72.703 9738600 4/28/99 73.188 61.313 67 12094200 4/27/99 68 61.125 63.438 4592400 4/26/99 66.25 59.75 66.063 5419800

To: Sir Francis Drake who wrote (2771)	7/26/1999 2:36:00 PM
From: Herschel Rubin	Read Replies (2) \| Respond to of 10027

What makes you think today's drop is due to shorting? Just a guess or what? You can't determine shorting from a Level II screen, unless I'm missing something. As far as I know, only a market maker sees whether a trade is a short on the ticket (because his execution must abide by the uptick rule). My guess is that today's action is selling due to the somewhat unfounded concern about ECN's. Add to this, the general market malaise. Barron's news articles tend to have a short-term effect (1-2 days). I would prefer that NITE's drop today was due to shorting because as we all know, shorts represent latent buying power, but I really don't think institutionals would be foolish enough to short at these levels except for a brief daytrade. But then again, I've seen institutionals do some rather stupid things. For comparison, NITE doesn't appear to be especially singled out today - everything in the sector is down: NITE down 6.35% AMTD down 7.12% NDB down 4.17% (most of NDB's revs are from SHWD market maker) EGRP down 3.71% BTW that Barron's article was blatantly incorrect when it said the 4 million shares shorted against NITE would take 25 DAYS TO COVER! C'mon, average daily volume is 4 million shares. That means a short ratio of 1 not 25. Wonder what the Barron's author, Bill Alpert, was smoking in his pipe?