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To: Gary Korn who wrote (3750)	9/2/1999 2:38:00 AM
From: Pigboy	Read Replies (1) \| Respond to of 10027

Hey Gary, That fellow that seemed a bit worried on NITE seemed to miss out on something...he is getting scared about a fund that lessoned 15% of their position. That is good for them. They were there in the beginning. The point with me is that if NITE continues to deliver, smart money comes in, not out. That is the nature of our markets. If NITE continues to operate well and branch out, they will be rewarded. I am reminded of ASND (as you brought up) and QCOM which sat for a long time before potential was realized. However, as we all know, the Street's view is a very important thing. I would like to point out that I do agree with the comment from that person that "investors need to examine the issue of ECNs head on - I feel this is at the bottom of this stock as a fundamental concern. " From the small amount of due diligence I have done on the company (still working on it ;-), this is the main reason I can come up with for people uncertain about NITE. I do NOT think people understand that NITE will continue to grow With the ECNs and that they are not old style like the Exchanges, but rather THE slick and monster Market Maker that works electronically and with the Internet as does the ECNs. What I think would be the BEST move for NITE to do is rid the market of this confusing uncertainty (at least to me) by partnering/acquiring a top notch ECN or many ECNs. From there, I think we lose the wall akin to QCOM losing theirs when they struck that big deal with Ericson. Okay, now that I have blabbed, maybe one or two of you could tell me how off i am in my thinking? ;-) If way off, how can NITE make the Street understand more clearly that no matter what happens with ECNs, they are going to be around and growing strongly with the phenomena of WORLD INTERNET trading? Because, this i think is common sense. thanks for any thoughts pigboy

To: Gary Korn who wrote (3750)	9/2/1999 3:34:00 AM
From: Herschel Rubin	Read Replies (1) \| Respond to of 10027

Ken Pasternak has often said "Volume and Volatility" are NITE's friend. Of course everyone always focuses on trading VOLUME totals for the quarter when assessing NITE's earnings prospects. But has anyone thought of the influence VOLATILITY on earnings? After all, when there's higher volatility, SPREADS WIDEN!! When spreads widen, market makers make fatter profits. If you think about it, although we have not had blockbuster volume, volatility has been high this quarter. So the added volatility this quarter may, in fact, beef up margins for NITE for Q3, whether or not a September rally happens. BTW, Gary, that post of yours by "a person" sure had the distinctive writing style of Sir Francis Drake who has abruptly disappeared from this board: <<And more importantly, why isn't the strategy I articulated long ago, valid: short every rally in NITE. >> <<To me, this is strictly a trading vehicle for now >> The foregoing are exactly the words Morgan had been saying. Where did he go? Why was he here posting religiously as if there was no tomorrow and then gone without any word. Nor has he posted on any other boards since, unless he's morphed himself into another alias. His disappearance seemed to coincide with the effective bottom of NITE (before the MER announcement) when his subtle trumping the case for shorting NITE no longer may have served any purpose. Was he a paid schill?