QQQQ Morning Update

Thursday, May 15, 2008, 8:50 AM EST

Closing price:
49.22 +0.13 +0.26%
Retreated from its session high

Intermediate-term outlook: BULLISH
Short-term outlook: BEARISH
Very short-term outlook: BEARISH
TODAY'S PRE-MARKET SENTIMENT: BULLISH
Current (8:50 am ET) QQQQ pre-market price: 49.49 +0.27 +0.55%

HPQ rebounded. ERTS posted disappointing earnings. AAPL lost momentum and led the tech sector down. We expect more attempts to move higher today and tomorrow.

Preceding days market actions:
5/13/08
1. Opened Debit Call Spread:
Long UQQFT QQQQ Q2Jun 46 Call
Short UQQFW QQQQ Q2Jun 49 Call
Debit 2.12
Target 2.35
2.QQQQ stock: Bought @ 47.83 on 4/30/08, sold @ 49.09 on 5/13/08.
2.6% gain in 13 days!
5/14/08
1. Closed Debit Call Spread: Q2Jun 45/48Call: bought @2.18 on 5/02/08, sold @ 2.43
11.5% in 12 days!
2. Sold QQQQ Options:
a. UQQIU Q3Sep 47 Call: Bought @ 4.0398 on 5/2/08, sold @ 4.50 on 5/14/08
11.4% in 12 days!
b. QQQQ Sep 46 Call: Bought @ 4.69 on 5/7/08, sold @5.16 on 5/14/08
9.3% in 7 days!

Alerts: None

CURRENT OPEN POSITIONS
1. Bull Debit Call Spread (opened on 11/29/07, 12/6/07, 12/7/07, 12/21/07, rolled on 1/7/08 and 1/28/07)
Long QQQFV Jun 48 Call
Short QQQFY Jun 51 Call
Net Debit 3.401
2. Bull Debit Call Spread (opened on 1/7/08, rolled on 2/13/08)
Long QQQFT Jun 46 Call
Short QQQFW Jun 49 Call
Net Debit 3.18
3. Bull Debit Call Spread (opened 5/13/08, Target 2.35)
Long UQQFT QQQQ Q2Jun 46 Call
Short UQQFW QQQQ Q2Jun 49 Call
Debit 2.12

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The OptionSmart Team
qqq@optionsmart.com
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