Break the story down to evaluate the arc of the narrative. Most short stories do not follow the typical format of a longer work. The terse and abrupt nature might provide less of a palpable arc than a novel would. Most short stories are also not broken down into chapters. Note the essence of the main character or characters at the beginning of the story and carry through until the end. Notice the changes that occur.
Identify the overall theme of the story. Take note of any clues whether blatant or subtle that reveal the author's intention or message. Pay particular attention to any recurring ideas. The author may return to this idea or ideas throughout the piece. Compare the catharsis of the main character to the theme of the story. The character will likely be a vehicle by which the writer conveys this idea.
Keep track of any allusions that appear throughout the work. Allusions will be indirect references to outside ideas or material. Evaluate the nature of the work or subject that is the recipient of the allusion and its connection to the story. An author will often allude to outside entities to give the reader a clearer understanding via analogy, of the thoughts he is expressing.
Assess the perspective of the main character or characters. Their point of view will be evident through their words and actions. If a character's point of view is more opaque, the author might reveal the perspective by means that are more inconspicuous.
Outline the significant problem or dilemma that is present. Follow the story through, charting the ways in which the characters address the conflict. The ending should provide some type of resolution. In the absence of a concrete resolution, take note of the author's commentary on what he depicts as the end result of the confrontation of this kind of issue.