QQQQ Morning Update

Tuesday, April 22, 2008, 8:55 AM EST

Closing prices:
47.04 +0.33 +0.71%
Managed to Extend Its Gains Amid Mild Profit-taking

Intermediate-term outlook: BEARISH
Short-term outlook: BULLISH
Very short-term outlook: BULLISH
Current (8:50 am ET) QQQQ pre-market price: 46.77 -0.27 -0.57%

Apple (AAPL) surged 5% after upgrade and led the NASDAQ market higher. Cisco (CSCO) and Google (GOOG) have been upgraded as well. We expect this momentum to continue.
Implied volatility slipped further. Hence, the short term upward trend still appears to be in place.

Preceding day market actions:
1. Bought the QQQQ stock at 46.68
2. Bought to Open UQQFS Q2Jun 45 Call at 3.04

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
5. Long UQQFS Q2Jun 45 Call at 3.05 (Bought at 3.04 on 4/21/08, Target 3.35)
6. Long QQQQ stock (Bought at 46.68 on 4/21/08)

Alerts:
None

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The OptionSmart Team
qqq@optionsmart.com
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