IBD has called the market back in an up-trend. Another up day could turn the GMI to a Buy signal. I have rarely seen such volatility. I did say that more than one half of QQQ short term down-trends have lasted under 10 days. This daily chart shows the recent GMI signals (by the arrows).
Perhaps one of the best teachers of option strategies is Alan Ellman. He has specialized in teaching people to sell covered calls, a conservative relatively low risk option strategy. Alan just published a new book on selling cash secured puts. This technique can be used to generate income or to buy a stock at a price lower than it is currently selling at. This technique is very similar in risk profile to selling covered call options. I have used this technique in my IRA. This is the best book I have read on the subject. I have added it to the list to the right of this post. If you purchase it through this link, my webmaster son might earn something to repay him for all of the support he freely gives me on this site.