QQQQ Morning Update

Wednesday, August 8, 2007, 8:50 AM EST

Closing prices:
QQQQ 48.31 +0.34 +0.71%
QQQQ bounced back

BULLISH FACTORS: CSCO beat estimates, raised outlook and added 6% after hours and pre-market
BEARISH FACTORS: JCOM downgraded

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

Current QQQQ pre-market price: 48.56 +0.25 +0.52%

Preceding day market actions: None

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