QQQQ Morning Update

Monday, September 10, 2007, 8:40 AM EST

Closing prices:
QQQQ 48.23 -0.91 -1.85%
QQQQ in free fall
BEARISH FACTORS: QQQQ formed a top

Intermediate-term outlook (weekly chart): BEARISH
Short-term outlook (daily chart): BEARISH
Very short-term outlook (60-min chart): BEARISH
TODAY'S PRE-MARKET SENTIMENT (BASED ON NASDAQ FUTURES): NEUTRAL
Current QQQQ pre-market price: 48.33 +0.10 +0.21%

Preceding day market actions:
1. Opened Credit Call Spread
BTO QQQJZ Oct 52 Call
STO QQQJW Oct 49 Call
Credit 1.19
2. Opened Credit Call Spread
BTO QQQIA Sep 53 Call
STO QQQIX Oct 50 Call
Credit 0.33

Current open positions:
1. Credit Call Spread (opened on 5/04/07, rolled on 7/12/07 and 9/5/07)
Long QQQJZ Oct 52 Call
Short QQQJW Oct 49 Call
Net Credit 0.20
2. Credit Call Spread (opened on 9/07/07)
Long QQQJZ Oct 52 Call
Short QQQJW Oct 49 Call
Credit 1.19
3. Credit Call Spread (opened on 9/07/07)
Long QQQIA Sep 53 Call
Short QQQIX Oct 50 Call
Credit 0.33

Alerts:
None