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

To: Sir Francis Drake who wrote (3104)	8/5/1999 1:31:00 AM
From: Herschel Rubin	Read Replies (1) \| Respond to of 10027

Morgan, I am in total agreement with your recent post on capitulation (isn't that unusual that we agree for a change?). As I've said before, a panic capitulation does not always portend a trend reversal, but it is a reliable indicator when it does happen. True confirmation of the capitulation day is seen in the behavior in the days following that day. Today's relative strength (again, compared to the OLB's) was excellent. If NITE stabilizes in the high 30's to low 40's, then, it was a capitulation day. I fully expect NITE to trade in the 40's with a few dips into $38-39 between now and the FOMC meeting. After that, NITE may have a chance of reaching the 50's again. I do expect some analysts to crawl out of the woodwork and extoll the virtues of NITE. After all, they've been awfully quiet as they've been accumulating these dips. Now they have loaded up on NITE shares, they'll want to "engineer" some share appreciation by putting some positive spin out there. I also think FBCO's relative weakness on the ask today is just as predicted: They shorted like crazy for weeks and then their operative (Bill Burn'em) came out with the final punch (his analysis on OLB's) so his firm could cover at a handsome profit. And, yes, the covering (buying) is often done through an ECN for anonymity. It is interesting that the US gov't antitrust laws exist to penalize and harass a successful American company like MSFT, yet they turn a cheek to this obvious manipulation by companies like CS First Boston.