(didn't have time to post this earlier)
Closed out the market protection, as the market lulled during the President's Town Hall Meeting. Also took some (i stress, 'some') profits in overweight names. (Still very exposed to the long side, and will not hesitate to re-enter those overweight positions if/when the the names consolidate with the market.)
I will re-enter market protection as the SP500 approaches 1150. (That is the next obvious resistance level w/respect to the longer-term rally dynamic.)
Technically the markets are overbought, but still very inexpensive.