QQQQ Morning Update

Closing price: 27.96 -1.46 -4.96%
QQQQ plunged ahead of the IBM's earnings report. IBM fell more than 3%.
However, the actual numbers were so far ahead of Wall Street's forecast
they were initially met with disbelief. As a result, IBM shares jumped 4
% in extended trading. Intel fell more than 6% on news that the company
has cut the price of some of its chips. Google and Microsoft are scheduled
to report results for the calendar fourth quarter on Thursday. The tech
sector is still in a waiting mode. It needs more reasons to move up.

Intermediate-term outlook: BEARISH
Short-term outlook: BEARISH
Very short-term outlook: BEARISH
Pre-market sentiment: BULLISH
Current (8:20 am ET) QQQQ pre-market price: : 28.23 +0.27 +0.97%

Preceding day market actions:
None

1. Bull Debit Call Spread (opened on 11/04/08 and 10/13/08, rolled on
10/16/08,11/12/08,12/18/08 and 01/15/09)
Long UYQCC Q1Mar 29 Call
Short UQQCG Q1Mar 33 Call
Net Debit 4.925
2. 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)
3. 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
4. Long QQQQ stock (bought @49.96 on 6/06/08)
5. 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
6. 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
7. Debit Call Spread (opened on 01/05/2009, target 2.28)
Long QAVBB Feb 28 Call
Short QAVBE Feb 31 Call
Debit 2.07
8. 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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