If you do, you better buy out of the money calls for protection. I have been hammered for a little over a week on my short position. I waited until a few days after run up after earnings. I was expecting a 5-10% pullback, but I have been wrong to this point. I bought April 180 Calls when I initiated the short position and it had helped my losses a little. It is to the point now, where I will actually benefit from a big move up because I own more OTM calls, then the ITM calls that I sold when I decided to go short. My ITM calls don't expire until January, but my OTM calls expire in April. To sum it up, tread very lightly if you are going to short, until it starts to show signs of break ing down.