They are making money in a tough environment and investing for bigger payoffs. Why would I sell my shares? I'll justy continue to sell OTM calls and collect $$ and laugh at all you skittish people.
It happens - often - selling on good ER's. That's wahat makes the play so risky. Especially after this last run up - people take profits. Also - the risk off macro climate with sequester a month away is beginning to take shape.