The recent rally has inflicted serious pain on those caught short. But for those of us who still have a little powder and nerve left in our arsenal, this moonshot provides another opportunity to trade from the short side. But we need to be careful.Just as we know that trying to "catch a falling knife" in a declining market is a dangerous game, one can get equally bloodied in attempting to "lasso a rocket at its trajectory inflection point" during a rising market. OK, so my newly coined expression doesn't exactly roll off the lips ... but you get the idea. At some point gravity kicks in, and stocks can't rise in a straight line forever. But given the market's current momentum, with many stocks hitting 52-week highs and little resistance in sight, choosing where to short shares is a difficult and potentially costly proposition. Selling call options, however, lets you establish a moderately bearish position without pinpointing the top.