Just a clarification on gaps (as I se them), I give more weight to daily bar gaps (most to weekly bar gaps) and much less weight to intra day bar gaps. In other words daily bar gaps are more likely to fill and intra day bar gaps are less app to fill.
So, while I did get an opening negative CompTRIN reading (it remains very low), a continuation of this rally without filling today’s gap-up could happen. However, because my CompTRIN opened and remains low, I am trading this pop cautiously. If this rally had started from a slightly lower open with a higher CompTRIN, I would have a higher percentage long position in play now. If wrong I’ll give up a little in the initial move as insurance, if right I'll recyle my long postion with the pullback.
