true, it was ridiculously, almost DESPERATELY overdone at the height, and a 20%+ open interest is still way out of whack ... but there has been no serious retrenchment, only a few stalls since the move up started.
If things go as JPM has predicted ( likely, as given thier support during the dark days, they are almost certainly on the list of those invited to the formally scheduled leak event ) then even with the impact of the share based compensation on the both the bottom line and the float the valuation is still attractive.
Almost all shorts are in a losing position presently. If this CC produces another $4 gap up the 20% short interest will produce a true short squeeze. I don't think one has occurred yet. Last quarter was reasonable shorts covering before earnings. Probably the majority of them covered with a profit. Now you've got the less reasonable shorts stuck looking at a margin call if the gap occurs. This is where a true short squeeze happens, and they are violent. Say a prayer for general and tussy.