PowerShares QQQ (NasdaqGM: QQQ) was set to open in the red Tuesday on Eurozone debt worries as investors awaited earnings from Apple (NasdaqGS: AAPL), Intel (NasdaqGS: INTC) and Yahoo (NasdaqGS: YHOO) after the closing bell.

The Nasdaq-100 ETF was down 0.5% in premarket action. A pair of leveraged ETFs tied to the index, ProShares UltraPro Short QQQ (NasdaqGM: SQQQ) and ProShares UltraPro QQQ (NasdaqGM: TQQQ), were also active in preopen trading.

Apple is expected to post fourth quarter earnings later today, and analysts are expecting strong numbers from the tech giant, as usual.

Earnings are expected to be up 57% or $7.28 per share, in line with the 45% uptick in sales, which are reported at $29.5 billion for the quarter, reports Ed Carson for Investor’s Business Daily. Apple launched the iPhone 4S last week and sales have been brisk following the death of Steve Jobs.

Tim Cook recently took the helm as chief executive. Apple shares are back above $400. [Nasdaq ETF RIdes Apple in Break Above 200-Day Average]

Over the fourth quarter, Apple released the Mac OS Lion, the Thunderbolt Display, Thuderbolt-equipped MacBook Airs and updated Mac Minis. [Apple Rally Above $400 Helps Keep Nasdaq ETFs Afloat]

Investors and shareholders are also looking forward to what new CEO Tim Cook will do with the large cash reserves that the company is sitting on. Some say the next step is moving forward in design and innovation, while others are hoping for a dividend. [RIM, Apple Weigh on Nasdaq ETF]

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