QQQQ Morning Update

Wednesday, April 23, 2008, 8:50 AM EST

Closing prices:
46.34 -0.70 -1.49%
Shed on Disappointing TXN Outlook

Intermediate-term outlook: BEARISH
Short-term outlook: BEARISH
Very short-term outlook: BEARISH
TODAY'S PRE-MARKET SENTIMENT: BULLISH
Current (8:40 am ET) QQQQ pre-market price: 46.55 +0.21 +0.45%

Semiconductors took the brunt of the selling pressure, as the subindustry fell 3.3%. Yahoo (YHOO) beat earnings estimates and impressed the market.

Preceding day market actions:
None

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

Open the QQQQ main page for today's technical signals, reports and
charts:
http://www.optionsmart.com/osmembers/qqq/

The OptionSmart Team
qqq@optionsmart.com
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