QQQQ Morning Update

Closing price: 29.32 +0.21 +0.72%
QQQQ inched higher on better-than-expected TXN earnings. Shares of Texas
Instruments rose 4%. The Semicondutor Index advanced 4% too. Big tech
names finished in the green. Action was choppy and trading volume was
light as the QQQQ stock flirted with the 29.60 resistance level. Yahoo
shares surged 5% in Tuesday's extended trading as its earnings impressed
the market. This would most likely give a reason to move higher today.

Intermediate-term outlook: BEARISH
Short-term outlook: BULLISH
Very short-term outlook: BULLISH
Pre-market sentiment: BULLISH
Current (8:45 am ET) QQQQ pre-market price: 29.88 +0.56 +1.91%

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
9. Debit Call Spread (opened on 01/20, 2009, target 2.20)
Long QAVCA Mar 27 Call
Short QAVCD Mar 30 Call
Debit 1.85

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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