As everyone knows, the legendary One True Title captures the feel and meaning of a book perfectly, draws readers in from across a crowded bookstore, and doesn’t make you sound like a dumbass at all.
I really like Susan's example of brainstorming a cloud of words and then throwing them around, magnetic-poetry style.
Come up with a whole pile of words that tackle as many different angles of your book as you can. You don’t want to focus all your energy on coming up with a title that capitalizes on the main character, because that could be a dead end, whereas there could be a killer title hiding behind the villain’s smile, or in a twist of the plot.
Check it out, it's worth having a look at and although the focus here is books, I think it could be applicable to brainstorming short fiction titles, too: http://www.omnivoracious.com/2012/05/one-title-to-rule-them-all-naming-your-book.html