QQQQ Morning Update

Thursday, September 20, 2007, 8:45 AM EST

Closing prices:
QQQQ 50.17 +0.13 +0.26%
QQQQ was unable to move higher
BEARISH FACTORS: PALM issued in-line guidance

Intermediate-term outlook (weekly chart): BEARISH
Short-term outlook (daily chart): BULLISH
Very short-term outlook (60-min chart):BULLISH
TODAY'S PRE-MARKET SENTIMENT (BASED ON NASDAQ FUTURES): BEARISH
Current QQQQ pre-market price: 50.08 -0.09 -0.18%

Preceding day market actions:
None

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 Sep 50 Call
Credit 0.33

Alerts:
None