This is going to be a quick post, got a meeting, more detail later.
I took a hard look at what I was protecting via my positions, and realized that most were not over bought, and that I am seriously considering adding more of these names. With this conclusion, I realized I was not protecting anything other than a few over bought positions.
So, I sold the over bought names and closed out my protection. This leaves me in a pretty cash heavy position, and flexibility to act quickly when I want to purchase more. (I really want to add more IBM, ATI and PBR.)
I will still short the market, as a trade, when the VIX is near the lower horizontal line from the chart I posted yesterday.