QQQQ Morning Update

Friday, October 26, 2007, 8:50 AM EST

Closing prices:
QQQQ 53.05 -0.72 -1.34%
QQQQ was unable to hold gains
BULLISH FACTORS: MSFT beat estimates and added 11% after-hours
BEARISH FACTORS: QQQQ deeply overbought

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):VERY BULLISH
Current QQQQ price: 53.85 +0.80 +1.51%

Preceding day market actions:
None

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
4. Credit Call Spread (opened on 10/22/07)
Long QUEKE QQQQ Nov 57 Call
Short QQQKB QQQQ Nov 54 Call
Net Credit 0.70

Alerts:
None