Well, this worked out nicely(cash covered puts in IRA account). Now is the hard part - I expected a more fierce short squeeze to sell initial shares and position lower at later time, but we may not see lower prices so I don't want to close existing positions. So the plan is to sell puts aggressively into earnings announcements and hope to catch some over-reactions. I have a bad feeling that after this earnings season, I will have to chase the market up.
I am actually considering a scaling in part two thread where are start to scale into a short position.