Scott - Right now the best buy would be the DIA 101 calls at .90 When the price advances 3 or 4 points, you can sell the 101 calls and "roll up" to the 104 calls. In the meantime, you will have more liquidity and less down-side risk.
On the qqq calls, you are right to buy the 35 calls. However, I would not sell the 36 or 37 calls in a bull spread, because it will limit your profit potential more than it will lower your cost.
A good guide as to what calls to buy is the one with the highest "dollar volume" (price times trading volume) because that is where the big (smart) money is going.
I am sure jwg would tell you to go even lower on the strike price, and buy deep in-the-money calls which is an even safer bet. In any case, stay away from way out of the money calls unless you are sure there is a "melt-up" imminent.
