QQQQ Morning Update

Wednesday, January 16, 2008, 8:55 AM EST

Closing prices: 46.55 -1.32 -2.76%
QQQQ plunged on slowdown fears
AFTER HOURS: INTC disappointed

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): VERY BEARISH
Current QQQQ Price: 46.04 -0.51 -1.10%

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