QQQQ Morning Update

Monday, July 23, 2007, 8:40 AM EST

Closing prices:
QQQQ 50.05 -0.27 -0.54%
QQQQ plunged on technical correction and GOOG earnings
BEARISH FACTORS: QQQQ deeply overbought, GOOG and MSFT missed estimates and disappointed

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

Preceding day market actions:
None

Current QQQQ pre-market price: 50.17 +0.12 +0.24%

Current open positions:
1. Credit Call Spread (Opened on 5/04/07, Rolled on 7/12/07)
Long QQQIX Sep 50 Call
Short QQQIU Sep 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, Rolled on 7/17/07)
Long QQQHX Aug 50 Call
Short QQQHV Aug 48 Call
Net Credit 0.13
4. Credit Call Spread (Opened on 6/19/07, Rolled on 7/17/07)
Long QQQIY Sep 51 Call
Short QQQIV Sep 48 Call
Net Credit 0.58

Alerts: None