doc- I'm thinking your theory will prove valid w/ respect to the short covering following the post-year mark. I'm betting we see a very large pps spike somewhere around the 25th. (It would likely start several days earlier than that. With the coordinated negative media attention WAMU got in the days prior to seizure, I'm quite sure that a good % of the short sales transpired at that point in time...hmmm wonder how many short shares JPM has to cash in on at the lower tax rate?) - Like I said before....I'm impressed with the price resilience following the recent pps increase. For me it doesn't really matter, as I'm holding for the end-game, but it's encouraging to see none-the-less. GLTU