QQQQ Morning Update

Thursday, April 24, 2008, 8:50 AM EST

Closing prices:
46.85 +0.51 +1.10%
Lifted by Large-cup Tech Names

Intermediate-term outlook: BEARISH
Short-term outlook: BULLISH
Very short-term outlook: BULLISH
TODAY'S PRE-MARKET SENTIMENT: NEUTRAL
Current (8:40 am ET) QQQQ pre-market price: 46.74 -0.11 -0.23%

MSFT and AAPL were very strong. BRCM beat estimates and surged 16%.
AFTER HOURS: AAPL beat sales estimates, but its profit guidance looks weak. AMZN beat forecasts, but its guidance slightly disappointed. Both stocks slipped after hours.
There is better than a 50-50 chance for resuming the upward trend later today.

Preceding day market actions:
1. Opened Debit Call Spread
Bought to Open UQQFQ QQQQ Q2Jun 43 Call
Sold to Open UQQFT QQQQ Q2Jun 46 Call
Debit 2.18
2. Sold to Close OZCAR QQQQ Jan9 44 Call at 6.10
14.4% in 78 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. Bull Debit Call Spread (opened on 3/28/08)
Long QQQEO QQQQ May 41 Call
Short QQQER QQQQ May 44 Call
Debit 2.25
4. Long UQQFS Q2Jun 45 Call at 3.05 (Bought at 3.04 on 4/21/08, Target 3.35)
5. Long QQQQ stock (bought at 46.68 on 4/21/08)
6. Debit Call Spread (bought at 2.18 on 04/23/08)
Long UQQFQ QQQQ Q2Jun 43 Call
Short UQQFT QQQQ Q2Jun 46 Call

Alerts:
None

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The OptionSmart Team
qqq@optionsmart.com
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