QQQQ Morning Update

Monday, January 14, 2008, 8:40 AM EST

Closing prices: 47.05 -0.94� -1.96%
QQQQ plunged again on credit fears

BULLISH FACTORS: IBM earnings impressed

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: 47.69 +0.64 +1.36%

Preceding day market actions:
None

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