QQQQ Morning Update

Wednesday, January 9, 2008, 8:40 AM EST

Closing prices: 46.92 -1.25� -2.59%
QQQQ slipped further on recession worries

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): BULLISH
Current QQQQ pre-market price: 47.16 +0.24 +0.51%

Preceding day market actions:
1. ROLLED PARTIALLY
BTC QQQAY� Jan 51 Call
STC QQQAV� Jan 48 Call
BTO QQQBV� Jan 48 Call
STO QQQBY� Jan 51 Call
Total Net Debit 0.39
2. Opened� Debit Call Spread
BTO QQQBT� Feb 46 Call
STO QQQBW� Feb 49 Call
Debit 1.99

Current open positions:�
1. Bull Debit Call Spread (opened on 11/29/07, rolled on 1/7/08)
Long QQQBV� Feb 48 Call
Short QQQBY� Feb 51 Call
Debit 2.511
2. Bull Debit Call Spread (opened on 12/06/07, rolled on 1/7/08)
Long QQQBV� Feb 48 Call
Short QQQBY� Feb 51 Call
Debit 2.581
3. Bull Debit Call Spread (opened on 12/07/07, rolled on 1/7/08)
Long QQQBV� Feb 48 Call
Short QQQBY� Feb 51 Call
Debit 2.691
4. Bull Debit Call Spread (opened on 12/21/07, rolled on 1/7/08)
Long QQQBV� Feb 48 Call
Short QQQBY� Feb 51 Call
Debit 2.741
5. Bull Debit Call Spread (opened on 01/07/08)
Long QQQBT� Feb 46 Call
Short QQQBW� Feb 49 Call
Debit 1.99

Alerts: None