Directional Risk

I finally was able to get rid of some of my directional risk with a JCP 1 strike OTM covered call. I would of done a short put, but I would prefer not to have another short put in my portfolio. Anyway, I do not think directional risk is a good thing when the market is acting like it is ready to fall. There is some very conflicting signals in the market about direction. The elimination of the short-term risk has hurt me a little, but It is more of a long term position. Despite this, my opinion is the SPX is way over priced compared to implied vol, but I am not going to try to predict when the market falls apart.