I am gonna chime in too. You aren't really short - according to your Greeks, you get flat if market sells off about a dollar in SPY-terms (if I read the units correctly). I'd call it neutral to slightly long position, especially considering your vega. PS. I don't get this desire to be "right" from both sides, this is about making money and not losing a ton. You can make money being long risk premium and you can make money being short risk premium. You can also lose money both ways.