Shad are almost always in a ball, not spread out like the pic. I'm thinking due to the cold water temps you are looking at crappie down deep, where you typically find them this time of year. They are pretty lethargic but, still have to eat, although not nearly as much as in warmer water. They won't move much and you need to really slow down your presentation to get a bite.
I could be all wet but, that is what I'd guess.