a huge short shorted an enormous amount of stock, a year and a half back, bringing the stock from over $100 to $40. that short is probably hedged at this point. i would guess that generally no major player wants to step in because of the weakness that deckers always had and has, namely their reliance on the uggs classic (that reliance weakens by the minute). it is the short, therefore, that controls the action of this stock almost everyday. the huge up days like yesterday and the down days like today, all the short, sometimes covering and always making sure to shave a few percent the very next day. so dont get all excited here. you only see what the short wants you to see and nothing, imo, is going to change much here until the fad/reliance issue (which is a non-issue) gets ironed out once and for all and that may take a while. thats my $.02.
Don't forget that the majority of the float is still LONG. The longs control because they hold a larger interest. Shorts live in constant fear. Look at NFLX, GMCR, etc. Look what happened to TRLG yesterday. The shorts know they are playing with fire at this point.