Verycareful, I would never short this but you might want to set a bear spread using the March 17 2017 calls at 130/135 or even 135/140 both of which are net credit 1.60 and 1.05 respectively. With the VIX very near becoming a 10 handle I just don't think there is much room for the VIX to go down before a reversal. I would not go out beyond March on this trade for now.