The shorts keep waiting for the pullback that has yet to come. My guess is that the market will remain irrational longer than they can remain solvent. Not much volume since the Dec 13th spike, so I assume most shorts are still hanging on to losses and getting margin calls.
Another day of basically flat price with low volume. Nap time for SAM and time to burn off my out of the money calls.
WSJ reported on 12/11 that short interest in SAM was 2.8 million shares or ~32% of float as of 11/30. Anyone short that day is still down $23/share, and there was not enough surplus volume during the 3-4 day rally for much of them to have covered. Will be interesting to see what happens over the next few weeks.