QQQQ Morning Update

Tuesday, August 19, 2008, 8:40 AM EST

Closing price:
47.60  -0.56 -1.16%
Plunged on profit-taking

The tech sector looked for an excuse to take money off the table. BRCM was strong but all almost all other big cap tech names were weak. The stock bounced back from intraday lows. It looks like it didn't want to touch the 200-day moving average.

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

Current (8:45 am ET) QQQQ pre-market price: 47.40 -0.20 -0.42% 

Preceding day market actions:
1. BTO Q3 Sep 45/48 Call Spread @ 2.08
2. BTO QQQAW Jan9 49 Call @ 2.84

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 QQQAW   JAN9 49 Call (bought @2.86 on 8/13/08, target 3.15)
7. Bull Debit Call Spread (bought on 08/18/08 @ 2.08, target 2.29)

8. Long  QQQAW Jan9 49 Call (bought on 08/18/08 @ 2.84, target 3.13)

Alerts: None

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