The market, and many stocks out there, are up about 9-10 days in a row. That is not healthy. Be cautious if deciding to enter new positions here. Especially in the true players (ie. FXI, FCX, BNI, AAPL etc...)
Ultimately I think we go to the 320SMA on the SP500, but w/respect to short-term movements, the market is very overbought right now.
The protection is costing me at the moment, but my money is where my mouth is. If the markets begin to ease from the overbought condition, while moving higher, I will close out the protection for a loss. But at the moment, that is not the case, and the SP500 keeps getting more overbought.