QQQQ Morning Update

Friday, January 25, 2008, 8:55 AM EST

Closing prices: 44.91 +0.89 +2.02%
QQQQ found support in macroeconomic news
AFTER HOURS: MSFT, AMGN, BRCM reported better than expected

Intermediate-term outlook (weekly chart): BEARISH
Short-term outlook (daily chart): BEARISH
Very short-term outlook (60-min chart): BULLISH
TODAY'S PRE-MARKET SENTIMENT (BASED ON NASDAQ FUTURES): VERY BULLISH
Current QQQQ Price: 45.74 +0.83 +1.85%

Preceding day market actions:
None

Current open positions:�
1. Bull Debit Call Spread (opened on 11/29/07, 12/06/07, 12/07/07 and�12/21/07,�rolled on 1/7/08)
Long QQQBV�Feb 48 Call
Short QQQBY�Feb 51 Call
Average Debit 2.631
2.�Bull Debit Call Spread (opened on 01/07/08)
Long QQQBT�Feb 46 Call
Short QQQBW�Feb 49 Call
Debit 1.99
3. Bull Debit Call Spread (opened on 01/23/08)
Long QQQCO Mar 41 Call
Short QQQCR Mar 44 Call
Debit 2.01

Alerts: None