QQQQ Morning Update

Monday, April 21, 2008, 8:55 AM EST

Closing prices:
46.71 +1.44 +3.18%
Extended Gain On Positive Earnings Surprises

Intermediate-term outlook: BEARISH
Short-term outlook: BULLISH
Very short-term outlook: BULLISH
Current (8:40 am ET) QQQQ pre-market price: 46.58 -0.13 -0.28%

INTC, IBM and GOOG encouraged large traders. Heavy traffic in May and June calls indicates that traders bet on an upturn.

Preceding day market actions:
1. Bought the bullish QQQQ May 42/45 debit call spread for 2.19 on April 2 and sold at 2.46 with a 12.3% gain 16 days later.
2. Bought QQQQ at 45.91 on 4/2/2008 and sold at 46.60 on 4/18/2008.
1.5% in 16 days!
3. Bought Q2 June 44 Call at 3.20 on 4/8/2008 and sold at 3.62 on 4/18/2008.
13.2% gain in 10 days!

Current open positions:
1. Bull Debit Call Spread (opened on 11/29/07, 12/06/07, 12/07/07, 12/21/07, rolled on 01/07/08 and 01/28/07)
Long QQQFV Jun 48 Call
Short QQQFY Jun 51 Call
Average Debit 3.401
2. Bull Debit Call Spread (opened on 01/07/08, rolled on 02/13/08)
Long QQQFT Jun 46 Call
Short QQQFW Jun 49 Call
Total Debit 3.18
3. Long OZCAR Jan9 44 Call (bought at 5.33 on 2/5/08)
4. Bull Debit Call Spread (opened on 3/28/08)
Long QQQEO QQQQ May 41 Call
Short QQQER QQQQ May 44 Call
Debit 2.25

Alerts:
None

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The OptionSmart Team
qqq@optionsmart.com
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