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

To: Bob Kim who wrote (4945)	10/12/1999 10:45:00 PM
From: Gary Korn	Read Replies (2) \| Respond to of 10027

Bob and Thread, Today's realization: NITE is a play on activity in small cap stocks. I'll explain this in a moment. First, I've finally got access to AutEx numbers. They are not pretty: August NITE's combined NASD/OTC trade volume was 3,906,162,000 shares. Average daily volume of 177,552,000 shares/day. NITE had a 15.76% market share of August trades. September NITE's combined NASD/OTC trade volume was 3,598,776,000 shares. Average daily volume of 171,370,000 shares/day. NITE had a 14.55% market share of September trades. These numbers are at first strange, because NASD volume was so high in September. However, it must have been the large cap stocks that were in play. The small cap stocks, where NITE makes the bulk of its money, simply were not as active, hence, the lower total NASD/OTC volume and the lower market share for NITE. October Anyone think we've been really hot in October? Well, not so. Again, the OTC, small cap stocks have been a drag. NITE's combined NASD/OTC volume through October 11 is 1,188,667,000 shares. Average daily volume of 169,809,000 shares/day. Less than even the September numbers. NITE's market share in October so far is 14.07%, another drop from September. Again, how can the total NASD/OTC be numbers be dropping when the NASD numbers alone are so large? (We've been reporting billion share days time after time). I believe the answer is that the small caps, OTC stocks, just aren't in play now. (Think back to the spring when the small cap stocks were rallying, and along with them OTC volumes.) Perhaps someone else can analyze what this all means. Perhaps KP will cast a positive light on things tomorrow. As for me, considerably long NITE, I now believe that, as I said at the beginning of this post, NITE is a play on activity in small cap stocks. Here's hoping we get a small cap rebound in 2000. Gary Korn