With QQQQ, I figured there is more upside potential than downside potential here.  Using the mid-March $41-$42 prices as the potential bottom downside, and the last 30 days chart...I made the trade.  For the last 30 days, we've been in a $44.25-$45.75 zig-zaging chart.  Using my March "doomsday" scenario strategy (which I've blogged about before), I figure the downside is limited at a $41 bottom, which we are unlikely to hit.  However, I think the market wants to rally...I don't see us jumping between $44 and $46 forever.  Even if we head a little further down, I think a good week or two of holding would see the price recover.

Anyway, my strategy is buy at $44.50ish and wait for it to head to above $45.  Sell the covered call for the $46 strike price (which expires in 12 days).  I'll keep the call money if the etf tanks, and if it gets up enough guts to pass $46, I'll keep the call money and the money from the sale of the underlying stock. 

Waiting for it to cross $45 before selling the covered call.