Profunds index and sector trading

[otraque]

Calculating my insurance hedge closely now--and have decided to add 2kdollars more input this time on the Aug40sQQQ at the present 20 cent ask.
This will give calls for 10k shares at 41 and 10k shares at 40---at a cost of 3k of throwaway money.
Premise , if we break out we will hit 1640 at least within 30days time--which would get me out of calls at an average of 1.5.
If that scenario were to happen, i take the cash and wait to see regards move to 1720--if 1720 were to hit i go buy twice the shares of my original position.
And would leave me with still about 70% dry powder.
What is my preferred scenario?? That we go into a Bull Mania, this is the better scenario for me in the Big Picture.