QQQQ Morning Update

Thursday, July 24,, 2008, 8:55 AM EST

Closing price:
45.37 +0.59 +1.32%
Formed a bottom

QQQQs was unable to move above the 46 mark. However, the stock posted
healthy gains ahead of AMZN earnings. Large-cap names showed strength.
AAPL rebounded.
AFTER HOURS: AMZN beat estimates and surged.

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

Current (8:55 am ET) QQQQ pre-market price: 45.56 +0.19 +0.42%

Preceding day 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 1/28/08, 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,
07/17/08)
Long UQQLU Dec 47 Call
Short UQQLZ Dec 52 Call
Net Debit 4.45
3. Bull Debit Call Spread (bought on 5/21/08 @2.07, target 2.30)
Long UQQIT Q3Sep 46 Call
Short UQQIW 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 Q3Sep 47 Call
Short UQQIX 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 @4.45 on 7/17/08, target 5.06)
8. Bull Debit Call Spread (bought @2.14 on 07/17/08, target 2.35):
Long QQQIP Sep 42 Call
Short QQQIS Sep 45 Call

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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