I covered 1/4 of my SPY short. A portion of my long exposure is via short puts. A bunch of premium has been sucked out of those positions, which left me somewhat short. I am just using this opportunity to even out my positions.
I could have added to my longs to achieve the same thing. However, my long cheap, defensive stocks/ short SPY trade has worked out better than I could have imagined and I want to shrink my book a little.