Excellent post John. I agree 100% that shorts are barking up the wrong tree here.
As I have stated earlier, the recent retraction is a result of the EXPECTED retraction as the stall signaled a time for those who had profits on the table to take them. The shorts had there opportunity today to try and capitalize on the profit taking, but this day has come and gone. We now go back into base building where one should go long the moment thee chart shows a base.
This is no longer a short play, and as you point out there are plenty of overvalued tech stocks still hanging around that desrve to be shorted.