Daytrader, Someone may have already suggested this but I didn't have time to review the whole thread. The NDX or QQQ is highly correlated to certain components, principally the $SOX, the semiconductor index. The corresponding holder is the SMH. There are a couple of other components that correlate pretty well too. Given your objective, what I would do is take a directional trade with the holder, eg. the SMH, and hedge it with the QQQ's. You will have to work out the ratio, based on the relative beta's. I think you could generate huge volume with little risk this way and also position yourself for a big intraday directional trade if you decide to lift the hedge.