QQQQ Morning Update

Thursday, October 18, 2007, 8:40 AM EST

Closing prices:
QQQQ 53.55 +0.68 +1.29%
QQQQ jumps on strong earnings

BULLISH FACTORS: INTC, YHOO and IBM beat estimates
BEARISH FACTORS: QQQQ deeply overbought, EBAY beat estimates but failed to impress the market

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):�BEARISH
Current QQQQ pre-market price: 53.30 -0.25 -0.47%

Preceding day market actions:

Rolled credit call spread
BTC QQQJX at 3.22
STC QQQJA at 0.50
BTO QUEKD at 0.30
STO QQQKY at 2.92

Total net debit: 0.10

Current open positions:
1. Credit Call Spread (opened on 5/04/07, rolled on 7/12/07, 9/5/07 and 10/10/07)
Long QUEKD QQQQ Nov 56
Short QQQKY QQQQ Nov 51
Net Credit 0.10
2. Credit Call Spread (opened on 9/07/07, rolled on 10/10/07)
Long QUEKD QQQQ Nov 56
Short QQQKY QQQQ Nov 51
Net Credit 1.09
3. Credit Call Spread (opened on 9/07/07, rolled on 9/20/07 and 10/17/07)
Long QUEKD QQQQ Nov 56 Call
Short QQQKY QQQQ Nov 51 Call
Net Credit 1.0849

Alerts:
None