Ali,

You may very well be right that they hedged their losses by "shorting against the box" , but their positions are huge and it would take a heck of a lot of shorting to offset their losses. I think there money is staying put just like a few of the members here, including myself. I feel the SP is way undervalued and way oversold. I'm waiting patiently for the recoil and rebound and then hopefully some positive news events to sustain momentum back toward 1.00.