I forgot about short covering.. That said, I'd think that the decline from 25k oustanding June contracts suggests less short covering and, thereby, less bearish sentiment. One wouldn't know it from today's price movement, however.
Well, let me take that back. Another 5,147 July $9 call contracts transacted thus far today.. If the short covering thesis is correct, then hedges are rolling over from June to July contracts and open interest is quickly building.