It does seem like a high percentage for the low volume we had today. I would have liked to have seen a higher volume follow through today. Volume was below average. If we had above average volume this would have supported more of a short covering volume(Shorts Squeeze Effect Continuation). Not so much. We will have to see what transpires over the next few trading days.
http://www.investopedia.com/terms/d/daystocover.asp