I took on some reluctant protection today. When I look at certain internals (i.e. individual names) I just do not want to short the market. They are not over extended. In fact they are ripe for a purchase, while others are clearly over bought.
Regardless, we are retesting the resistance, so I decided to protect again. (keep in mind I have been day-trading the protection. Which means I covered during the intraday lows of the previous declines.)
I do see many pockets of strength and reasons not to protect. So the protection is due to discipline, not overwhelming technical/fundamental conditions.