QQQQ Morning Update

Thursday, August 7, 2008, 8:42 AM EST

Closing price:
46.63 +0.70 +1.52%
Extended rally on strength in Cisco and Microsoft

Microsoft will buy back as much as $20 billion shares. Cisco reiterated
its long-term growth rate guidance of 12% to 17%.
Large traders dump put options and bet on an upturn. AFTER HOURS: Cisco
topped estimates and jumped 7%.

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

Current (8:55 am ET) QQQQ pre-market price: 46.27 -0.36 -0.77%

Preceding day market actions:
Sold Debit Sep 42/45 Call Spread @ 2.34 with 9.4% gain in 20 days!

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)

Alerts: None

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