QQQQ Morning Update

Wednesday, August 6, 2008, 8:55 AM EST

Closing price:
45.93 +1.50 +3.38%
Surged on Fed's comments and economic data

CSCO, AAPL and GOOG led the broad-based rally in the tech sector. Call
options activity indicates that large-cap names are now poised to rebound
from their lengthy slump.
AFTER HOURS: Cisco topped estimates and jumped 7%.

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

Current (8:55 am ET) QQQQ pre-market price: 45.96 +0.03 +0.07%

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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