This weekend was expiry for November 2010 options, and the collar trade was short Nov 53-calls. Since QQQQ closed on Friday at 52.47, those calls expired worthless. I sold new Dec 54-calls this afternoon for 38c/share. With QQQQ trading at 52.70 when I placed the trade, this just barely violated my "at least 2.5% out of the money" rule. But the next strike up (55) would have been 4.4% out of the money and barely worth the commissions, so I felt it was close enough.
Not really anything else to say there... it's a pretty mechanical trade, and there was nothing all that complicated to consider this month.