QQQQ Morning Update

Monday, May 5, 2008, 8:50 AM EST

Closing price:
48.77 +0.07 +0.14%
Struggling to stay above 200MA

Intermediate-term outlook: BULLISH
Short-term outlook: BULLISH
Very short-term outlook: NEUTRAL
TODAY'S PRE-MARKET SENTIMENT: BEARISH
Current (8:40) QQQQ pre-market price: 48.64 -0.13 -0.27

QQQQ needed a catalyst to move higher. Cisco shares were treading water ahead of Tuesday’s earnings. Its June calls were heavily trafficked. It indicates that large traders bet on an upward movement.

Preceding days market actions:
1. BTO UQQIU Q3Sep 47 Call at 4.0398
2. Bought Debit Call Spread at 2.18
BTO UQQFS Q2Jun 45 Call
STO UQQFV Q2Jun 48 Call

Alerts: 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
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. Long QQQQ stock (BTO @47.83 on 4/30/08)
4. Long UQQIT Q3Sep 46 Call (BTO @ 4.19 on 4/30/08, Target 4.60)
5. Debit Call Spread (BTO @2.23 on 4/30/08)
Long UQQFR Q2Jun 44 Call
Short UQQFU Q2Jun 47 Call
6. Long UQQIU Q3Sep 47 Call (BTO @ 4.0398 on 5/02/08, Target 4.50)
7. Debit Call Spread (BTO @2.18 on 5/02/08)
Long UQQFS Q2Jun 45 Call
Short UQQFV Q2Jun 48 Call

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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