QQQQ Morning Update

Monday, April 28, 2008, 8:50 AM EST

Closing prices:
47.15 -0.12 -0.25%
Held its ground in spite of disappointing news from Microsoft

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: 47.28 +0.13 +0.28%

Microsoft shares staged a 6% decline. With twice as many calls as puts trading today, many traders were pessimistic about this stock. Puts at the May 28 strike were being bought heavily for 21 cents apiece.
The QQQQ's option activity illustrated a high level of confidence in its ability to move higher next week.

Preceding day market actions:
BTO UQQFT Q2Jun 46 Call @ 2.50 Target 2.75

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
Net 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
Net Debit 3.18
3. Bull Debit Call Spread (BTO @2.25 on 3/28/08)
Long QQQEO May 41 Call
Short QQQER May 44 Call
4. Long QQQQ stock (BTO @46.68 on 4/21/08)
5. Debit Call Spread (BTO @2.18 on 04/23/08) Long UQQFQ Q2Jun 43 Call
Short UQQFT Q2Jun 46 Call
6. Long UQQFT Q2Jun 46 Call (BTO @ 2.50 on 4/25/08, Target 2.75)

Alerts:
None

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The OptionSmart Team
qqq@optionsmart.com
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