The light volume, poor breadth and quick surge in the market over the last three days has a lot of people calling this nothing more than a short covering rally. I went back and looked at the list of the S&P 500 stocks with the highest short interest to see how they’ve performed over the last three days. The results are pretty good. The average stock on the list has returned 10.5% over the last three days with none of them turning in a negative return. The S&P is up 6% over the same period. The Nasdaq 100 is up 5.&% and the Russell 2000 is up 7% over the same period which would imply that beta has had little to do with the overall return of these names and that this has indeed been a short covering rally.