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To: Mike Grove who wrote (3362)	8/10/1999 1:56:00 PM
From: Sir Francis Drake	Respond to of 10027

Mike, as I mentioned before, when rationality leaves the market, any target is "possible" - I can only tell you what I am doing. I bought part of a longer term positions in NITE today at 28 5/8. I will wait to the end of day to see if there is another massive selloff to buy my second part of my position. Just looking purely at my analysis - which can be wrong (I actually didn't think we'd see the 20's this month in NITE) - I believe that any further downside should not extend below mid 20's. I wouldn't be surprised to see this as the bottom. The trading in general will be impacted by how the market looks. A sell off below the 200 DMA of the S&P 500 could be nasty, but I actully believe we will see a rally this week - that's the way I'm betting. Others whose opinion I respect, are using similar timing tools (McClellan Oscilator coupled with flow analysis) to reach the conclusion that a rally is not due until next week, with Friday this week being the bottom. Morgan