Letstrade - if you're "trading" the QQQs, why are you worrying about hedging? Just trade them. And since the QQQs can be shorted on a downtick, there's no reason to setup a hedged position (a retail trader bullet alternative) to help with shorting. However, if you're taking longer term position trades in the QQQs, you can look at option hedges.
Thanks... But my question was tongue-in-cheek... Had two winning trades and one break-even trade so far with the Q's.