After a major run-up that began in earnest this past summer, the Nasdaq 100 index peaked relative to the Nasdaq Composite index about six weeks ago. The large cap-laden NDX then staged a short but sharp correction.

More recently, however, the ratio has bounced back and is once again nearing resistance at the October highs. The shares of larger companies have no doubt been boosted by stampeding institutions anxious to put money to work in what appears to be an early "Santa Claus" rally.

Still, given how circumstances panned out previously, it may be time to look for another pullback in the Nasdaq 100 in comparison to the broader technology-based index.

One way to play it (depending on risk tolerance): buy the Fidelity Nasdaq Composite Index Tracking Stock ETF (NASDAQ: ONEQ) and sell (or sell short) the Powershares QQQ Trust ETF (NASDAQ: QQQQ).

Michael Panzner is a 25-year veteran of the global stock, bond, and currency markets and the author of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes and The New Laws of the Stock Market Jungle.