There's no short squeeze effect here. There's 2M shares shorted out of a 60M share float. Look at Pandora (P) for a potential short squeeze. For that stock there's 28M shares shorted out of 120M total shares (roughly 25% of outstanding shares) and it would take 3 days of normal activity for all of them to cover since it trades 10M shares per day. This will be regular "I don't want to miss the boat buying".
first of all the data you have posted is dated!!! There were plenty of shorting that took place all last week and farther back.. Having a large % or small % of shares shorted to total shares outstanding means zero. Short covering is short covering, plain and simple. It's buying to cover! Just like buying..PART of today's run is 100% short covering... Average stocks on exchanges have 20% short at any given time. NQ caused a flurry of short players hoping to ride the NQ short report natually moving into all Chinese stocks. Just pull up a chart of all the Chinese stocks when the Muddy Waters report came out and see the short players activity even on this board. Go to NQ today and see the short covering over the past two days, especially earlier today. Yes part of todays run in QIHU is folks that don't want to miss the earnings boat which caused the shorts to cover driving shares to today's high. Believe me I worked on two major stock exchanges and I know trading better than most. I had to evaluate trades for a living. Notice the shares started running crazy earlier today (10am) reaching highs then ran back down quickly...That was panick short covering. It doesn't take much to move this stock. BIDU and GOOG are both lower... QIHU was up over 7% at one point!!!