The QQQ is trading around 257 as I write this.
I am going to suggest a short term debit spread on the index based on the fact it was so oversold.
I am going to suggest you trade next week's expiration, which is the 24th.
Here is how you close the position:
Buy to Open July 24th - $257 Call for $6.30
Sell to Close July 24th - $263 Call for $4.30
The net debit will be $2.00 per spread.
The suggestion is based on the fact that I expect a short term bounce in the QQQ.
Because I am suggesting short-dated options, limit the trade to a four lot or 0.8% of the tracking portfolio.
The maximum gain on a four lot would be $1,200.