QQQQ Morning Update

Tuesday, July 17, 2007, 8:50AM EST

Closing prices:
QQQQ 49.90 +0.34 +0.69%
QQQQ looks tired
BULLISH FACTORS: MOT upgraded, NVLS beat estimates
BEARISH FACTORS: QQQQ deeply overbought, AMZN downgraded

Intermediate-term outlook (weekly chart): BULLISH
Short-term outlook (daily chart): BULLISH
Very short-term outlook (60-min chart): BULLISH
TODAY'S PRE-MARKET SENTIMENT (BASED ON NASDAQ FUTURES): BULLISH

Current QQQQ pre-market price: 49.95 +0.10

Preceding day market actions:
None

Current open positions:
1. Credit Call Spread (Opened on 5/04/07, Rolled over on 7/12/07)
Long QQQGX Jul 50 Call
Short QQQGU Jul 47 Call
Net Credit 0.83
2. Credit Call Spread (Opened on 5/24/07)
Long QQQHX Aug 50 Call
Short QQQHU Aug 47 Call
Credit 0.9693
3. Credit Call Spread (Opened on 6/13/07)
Long QQQGX Jul 50 Call
Short QQQGV Jul 48 Call
Credit 0.40
4. Credit Call Spread (Opened on 6/19/07)
Long QQQGY Jul 51 Call
Short QQQGV Jul 48 Call
Credit 0.73

Alerts: None