QQQQ Morning Update

Wednesday, July 16, 2008, 8:55 AM EST

Closing price:
44.24 +0.01 +0.02%
Tested the bottom

MSFT and INTC were strong. AAPL and GOOG slid further. The tech sector
badly needed a catalyst.
INTC beat estimates on strong laptop sales and impressed the after-hours
market.

Intermediate-term outlook: BULLISH
Short-term outlook: NEUTRAL
Very short-term outlook: BULLISH
TODAY'S PRE-MARKET SENTIMENT: BEARISH

Current (8:45 am ET) QQQQ pre-market price: 44.19 -0.05 -0.11%

Preceding day market actions:
Bought QQQAR QQQQ Jan9 44 Call @ 4.20

Open our blog "Recent QQQQ Trades" for more history:
http://qqqqrecenttrades.blogspot.com

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 1/28/08, 6/19/08)
Long OZCAX Jan9 50 Call
Short XZAAC Jan9 55 Call
Net Debit 4.90
2. Bull Debit Call Spread (opened on 1/7/08, rolled on 2/13/08,
6/19/08)
Long QQQGT Jul 46 Call
Short QQQGW Jul 49 Cal
Net Debit 2.87
3. 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
4. Long QQQQ stock (bought @49.96 on 6/06/08)
5. Bull Debit Call Spread (bought on 6/06/08 @2.20, rolled on 6/25/08)
Long UQQIU QQQQ Q3Sep 47 Call
Short UQQIX QQQQ Q3Sep 50 Call
Net Debit 2.9568
6. Long OZCAQ Jan9 43 Call (BTO @5.56 on 6/27/08, target 6.22)
7. Long QQQAR Jan9 44 Call (BTO @4.20 on 7/15/08, target 4.65)

Alerts: None

Open the QQQQ main page for today's technical signals, reports and
charts:
http://www.optionsmart.com/membership/qqqq/

The OptionSmart Team
qqq@optionsmart.org
This report is intended for use only by the subscriber whose name
appears on our subscription records. It may not be copied, faxed,
or forwarded without written consent from OptionSmart.com.

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