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GameStop is resurfacing after a wild session, pushing the stock back above $ 100, but short sellers betting against the brick and mortar video game dealer are far from easing.

GameStop’s shares rose more than 50% on Tuesday to a high of $ 124.58. The stock rose sharply after Social Capital’s Chamath Palihapitiya said in a tweet that he bought GameStop call options and bet that the stock will go higher. Trading was suspended several times due to the volatility.

GameStop surged more than 400% in January alone when an army of retail investors took on short sellers in online chat rooms, encouraging each other to stack up and push the stock higher. Short sellers have lost more than $ 5 billion in market value year-to-date, including a loss of $ 917 million on Monday and $ 1.6 billion on Friday, according to S3 Partners.

Despite the massive shortages, short sellers are doubling their bearish bets. In the past 30 days, GameStop stock borrowed and sold rose 1.4 million shares, valued at $ 91 million. This corresponds to an increase of 2%, as the share price has more than doubled, according to S3 Partners.

Short sellers have also reloaded bets in the past seven days, with short selling stocks up 769,000, valued at $ 50 million. GameStop’s interest in shorts is unchanged from a week ago at 139%.

“Similar to the Revolutionary War, the first line of troops is drowning in a shower of musket fire, but is being replaced by the next troops,” said Ihor Dusaniwsky, S3 managing director for predictive analytics, in an email. “We’re seeing a short squeeze on older shorts that have suffered massive mark-to-market losses on their positions, but are seeing new shorts.”

“This keeps the short positions in GME stock relatively flat overall, although there is a significant short squeeze on a significant number of existing short sellers,” added Dusaniwsky.

The explosive rally in GameStop was mainly due to the buying frenzy of individual investors in online forums, especially the notorious Reddit chat room “wallstreetbets” with more than 2 million subscribers. A trend post on Tuesday includes a screenshot of the user portfolio showing a return of over 1,000% on GameStop stock.

GameStop had a roller coaster ride on Monday, during which the stock more than doubled and turned negative within a few hours. The stock closed 18% on Monday at $ 76.79.

“The flow of orders in retail in Options is accelerating the short squeeze,” said CC Lagator of Options AI. “The call buyers are essentially leveraging the market makers’ hedges. As stocks go up, more stocks are bought to cover the increase in short deltas. This is market inefficiency and eventually ends when those who sell the calls , are over-hedged for a share that no longer rises and then actually has to sell shares in order to remain delta-neutral. “

The hedge fund Melvin Capital Management, which is short on GameStop, is down 30% through Friday this year, according to The Wall Street Journal.

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Stock futures rose Tuesday, pointing to a rebound from a troubled week as investors hailed Goldman Sachs with excellent earnings and gave signals of another big stimulus and a faster pace of vaccine distribution.

Futures contracts linked to the Dow Jones Industrial Average rose 200 points, or 0.7%. S&P 500 futures were up 0.8%. Nasdaq 100 futures were up 1%.

Goldman’s shares rose 2.7% in premarket trading after the bank beat expectations for fourth-quarter earnings and sales. The blowout results were based on the strong performance of stock traders and investment bankers.

Bank of America was down more than 1% in the premarket after the bank posted quarterly sales that fell short of expectations. The result, however, was slightly above the estimate.

“We expect investors to review the fourth quarter results and focus on company comments on how the rebound is progressing in 2021,” said David Kostin, head of US equity strategy at Goldman, in a note. “With investors in mind through 2021, politics remains a major driver of corporate earnings.”

Janet Yellen, Joe Biden’s nominee for Treasury Secretary and former Federal Reserve chairman, will appear before the Senate Finance Committee Tuesday. Yellen’s prepared remarks call on the federal government to put in a big incentive to support business.

“Neither the president-elect, nor I are proposing this bailout without appreciating the country’s debt burden. But with interest rates at historic lows, it is smartest to act big right now,” Yellen said in prepared remarks. “I believe the benefits will far outweigh the costs, especially when it comes to helping people who have had problems for a long time.”

Stocks that would benefit most from further stimulus and a faster vaccine roll-out resulted in profits in premarket trading. Norwegian Cruise Line Holdings shares were up 3%. Boeing gained 2.8% in premarket trading. American Airlines gained 2.5% in early trading.

Some tech stocks also rebounded from their losses over the past week.

Stocks are “likely to trend higher again after a healthy consolidation ends,” Fundstrat’s Tom Lee wrote in a note citing an increase in vaccination rates and an eventual rollover in coronavirus cases.

Dr. Rochelle Walensky, Joe Biden’s election to head the Centers for Disease Control and Prevention, said Sunday she was confident the U.S. will have enough vaccine doses to meet the new administration’s goal of 100 million people in 100 days to vaccinate.

The movement in futures comes after stocks fell last week. The S&P 500 lost 1.5% for its first weekly loss in three years, while the Dow and Nasdaq Composite lost 0.9% and 1.5%, respectively, and both had their first negative week in five years.

The market fell slightly last week, despite Biden unveiling its $ 1.9 trillion plan for economic relief as the country tries to deal with the Covid-19 pandemic. Biden is slated to be inaugurated with the National Guard in Washington on Wednesday after security concerns rose following a January 6 riot in the U.S. Capitol.

“We’ll have plenty of global economic data and US earnings reports in the coming week. What matters is whether President Elect Biden’s inauguration on January 20 will be peaceful and whether the Senate Republicans are sending signals of constructive cooperation or a repeat of 2020. ” Julian Emanuel, chief strategist for stocks and derivatives at BTIG, said in a statement to clients on Sunday.

The US stock market closed on Monday in honor of Martin Luther King Jr. Day.