Shares are very difficult to borrow now on reasonable terms. If you cover, as I partially did recently with a 25k-sh. buy at $2.50--you probably will not be able to reshort, and any rallies into the $2.60's or higher will cause inconsolable grief as you sit there unable to short more.
Yes, inconsolable grief! Life has become meaningless since I lost the ability to sell short VNX willy-nilly! Oh, cruel Schwab...so unwilling to pay extortionate fees to borrow the VNX shares that pj wants to sell short!