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Theoretically, you should be able to sell calendar calls or puts in such a market. However, with $1 strike prices and constant whipsaws between QQQ prices in the high 37s and low 34s it has been tough to make much money off such a strategy. If you think there is going to be a good break one way or the other and you believe you have some resistance points in mind a straddle at say 34 and 37 on the QQQ would probably work well. I'b be patient in putting it on though, which is hard to do mentally. Essentially you would want to buy your calls when the QQQ was at 34 and buy your puts at 37...exactly opposite of what you want to do emotionally.

Cheers Kev
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