QQQQ Morning Update

Thursday, May 8, 2008, 8:55 AM EST

Closing price:
48.04 -0.89 -1.82%
CSCO failed to ignite tech sector

Intermediate-term outlook: BULLISH
Short-term outlook: BULLISH
Very short-term outlook: BEARISH
TODAY'S PRE-MARKET SENTIMENT: BULLISH
Current (8:50) QQQQ pre-market price: 48.26 +0.22 +0.46%

Tech sector badly needs a catalyst to move higher. Implied volatility remains very low. Large traders still bet on an upturn.

Preceding days market actions:
Bought to Open QQQIT QQQQ Sep 46 Call @ 4.72 Target 5.16

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. Debit Call Spread (BTO @2.23 on 4/30/08)
Long UQQFR Q2Jun 44 Call
Short UQQFU Q2Jun 47 Call
5. Long UQQIU Q3Sep 47 Call (BTO @ 4.0398 on 5/02/08, Target 4.50)
6. Debit Call Spread (BTO @2.18 on 5/02/08)
Long UQQFS Q2Jun 45 Call
Short UQQFV Q2Jun 48 Call
7. Long QQQIT QQQQ Sep 46 Call (BTO @ 4.72 on 5/7/08, Target 5.16)

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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