they are hedged so a spike means cash in the pockets as well. but when a savvy short that somethings fishy, they will creat a bearish spread. now remember little stupid newbies who bought calls on bidu and thinks bidu will surge another 100 points so u are having dreams of candycanes. comeon junior. pros make the big money. they ran the stock up for themselves. it is easy to run a stock up, as program trading will help your cause. all they do is throw in higher bids, program black boxes move up automatically. this causes manipulation and other dumb day traders join in harmony. market makers have two sides so they immediately sell their shares and then run the bid up again, so they are essentially flat the whole way up(other than a small core position the firm may hold) this will happen until the real sellers come in, and then their bearish spreads will be juiced up nicely. one those are cashed, they will go to a bullish spread. this i keep telling u and to buy back in late november (if u are a long term player) if u day trade, then u better protect yourself from down turns, CAUSE they always come. ALWAYS! just as DEATH is guaranteed. so is a downturn in the stock (market) ALWAYS!