QQQQ Morning Update

Thursday, January 15, 2009, 8:40 am EST
Closing price: 28.63 -0.90 -3.05%
QQQQ plunged on weak retail sales.
Shares of smart-phone maker Palm fell 15%, while chip manufacturer
Advanced Micro Devices sank 10%. Among Internet-related companies, EBAY
and AMAZON were very weak. A rare bright spot was Yahoo.The tech sector
badly needs positive earnings news to turn higher.

Intermediate-term outlook: BEARISH
Short-term outlook: BULLISH
Very short-term outlook: BEARISH
Pre-market sentiment: BEARISH
Current (8:28 am ET) QQQQ pre-market price: 28.41 -0.22 -0.77%

Preceding day market actions:
None

Current open positions:
1. Bull Debit Call Spread (opened on 11/04/08, rolled on 12/18/08)
Long QAVAC Jan 29 Call
Short QAVAG Jan 33 Call
Debit 3.51
2. 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
3. Long OZCAC Jan11 55 Call (bought on 9/22/08, 10/14/08, 08/18/08 and
08/18/08, rolled on 01/08/09, average debit 3.22)
4. Bull Debit Call Spread (bought on 6/06/08 @2.20, rolled on 6/25/08,
9/23/08)
Long QQQCU Q1Mar 47 Call
Short QQQCY Q1Mar 51 Call
Net Debit 3.7068
5. Long QQQQ stock (bought @49.96 on 6/06/08)
6. 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
7. Bull Debit Call Spread (opened on 1/7/08, rolled on 2/13/08, 6/19/08,
07/17/08, 12/16/08)
Long WDAM Jan10 39 Call
Short WDAS Jan10 45 Call
Net Debit 5.63
8. Debit Call Spread (opened on 01/05/2009, target 2.28)
Long QAVBB Feb 28 Call
Short QAVBE Feb 31 Call
Debit 2.07
9. Debit Call Spread (opened on 11/29/07, 12/06/07, 12/07/07, 12/21/07
and
08/18/08, rolled on 01/07/08, 01/28/08, 06/19/08 and 09/25/08)
Long WDAM Jan10 39 Call
Short WDAR Jan10 44 Call
Debit 4.80

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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