QQQQ Morning Update

Wednesday, December 10, 2008

Closing price: 30.01 -0.07 -0.23%
QQQQ retreated on mild profit-taking
Bellwether semiconductor companies advance in spite of a raft of earnings
warnings from Texas Instruments and Broadcom. National Semiconductor rose
more than 13%. The chipmaker said Monday that it would scale back its
production due to a weak quarterly earnings and sales report. Novellus
also said its fourth-quarter results would be below its current estimates.
However, it looks like tech stocks shrug off negative news and poised to
extend recent gains.

Intermediate-term outlook: BEARISH
Short-term outlook: BULLISH
Very short-term outlook: BEARISH
TODAY'S PRE-MARKET SENTIMENT: BULLISH
Current (8:40 am ET) QQQQ pre-market price: 30.24 +0.23 +0.77%

Preceding day market actions:
1. Sold Debit Dec 23/26 Call Spread @2.89
10% gain in 5 days!
2. Bought Debit Jan 27/30 Call Spread @2.10

Current open positions:
1. Bull Debit Call Spread (opened on 12/09/08, target 2.31)
Long QAVAA Jan 27 Call
Short QAVAD Jan 30 Call
Debit 2.10
2. Bull Debit Call Spread (opened on 11/04/08, target 2.36)
Long QAVLD Dec 30 Call
Short QAVLG Dec 33 Call
Debit 2.15
3. Long QQQAK QQQQ Jan 37 Call (BTO @2.06 on 10/14/08, target 2.26)
4. Bull Debit Call Spread (opened on 10/13/08, rolled on 10/16/08,
11/12/08)
Long QAVAC Jan 29 Call
Short QAVAG Jan 33 Call
Net Debit 3.74
5. Long QQQAN Jan 40 Call (bought on 9/22/08 @3.90, target 4.30)
6. Long QQQAX Jan9 50 Call (bought on 08/25/08 @ 1.82, target 2.01)
7. Long QQQAW Jan9 49 Call (bought on 08/18/08 @ 2.84, target 3.13)
8. Bull Debit Call Spread (bought on 08/18/08 @ 2.08, rolled on 9/25/08)
Long QQQAS Jan 45 Call
Short QQQAW Jan 49 Call
Net Debit 3.03
9. Long QQQAW QQQQ Jan9 49 Call (BTO @2.86 on 8/13/08, target 3.15)
10. Bull Debit Call Spread (bought on 6/06/08 @2.20, rolled on 6/25/08,
9/23/08)
Long QQQCU Q3Mar 47 Call
Short QQQCY Q3Mar 51 Call
Net Debit 3.7068
11. Long QQQQ stock (bought @49.96 on 6/06/08)
12. Bull Debit Call Spread (bought on 5/21/08, rolled on 9/24/08)
Long UQQCT Q1Mar 46 Call
Short UQQCW Q1Mar 49 Call
Net Debit 2.82
13. 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
14. 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

Alerts: None

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

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