We hold seven April 42 puts for an average 1.05 and a March 44 put for 0.23. Buy 100 shares on the opening as an offset, since the short-term forecast is bullish.  That will still leave us slightly short, since the puts have a delta value of about 18 apiece, but the backspread effect will make us net long quickly if the cubes rally, since the puts will shed deltas.  Conversely, we would get short in a hurry if QQQ falls, since the puts will accrete deltas. ________ UPDATE (9:35 a.m. EST):  We bought a round lot for 44.95 on a gap-up opening. The cubes have since traded as high as 45.13.