Most investors have gain rather than loss. For the gain there is no wash sale rule. They may be afraid of the tax hike. So for them, they can sell the position to get the 15% tax rate on the long term gain and buy back right away.
Okay, it's going to take another week for the market to force Portuguese to ask for the EU bailout fund ... so its' better for the bulls to hide for a while before the bailout eventually happens ...