QQQQ Morning Update

Thursday, May 29, 2008, 8:40 AM EST

Closing price:
49.25 +0.20 +0.41%
Erased intra-day losses and finished higher

Intermediate-term outlook: BULLISH
Short-term outlook: BULLISH
Very short-term outlook: BULLISH
TODAY'S PRE-MARKET SENTIMENT: NEUTRAL
Current (8:40 am ET) QQQQ pre-market price: 49.22 -0.03 -0.06%

Dell is scheduled to report first-quarter earnings of 34 cents a share. The major computer hardware makers advanced. MSFT declined nearly 1%. The tech sector needs a catalyst to move higher.

Preceding days market actions:
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 on 5/16/08, target 2.51)
Long UQQFT QQQQ Q2Jun 46 Call
Short UQQFW QQQQ Q2Jun 49 Call
Debit 2.28
4. Bull Debit Call Spread (bought on 5/21/08 @2.07, target 2.30)
Long UQQIT QQQQ Q3Sep 46 Call
Short UQQIW QQQQ Q3Sep 49 Call
5. Long UQQIV QQQQ Q3Sep 48 Call (BTO @ 3.80 on 5/21/08, target 4.20)
6. Long QQQQ stock (bought @49.29 on 5/21/08, target 50.49)

Alerts:
None

Open the QQQQ main page for today's technical signals, reports and
charts:
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The OptionSmart Team
qqq@optionsmart.com
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