On Defense

Opening night for the NBA, combined with major stock averages which are largely trendless, is good enough to report this old gem of the legendary Red Auerbach on defense.

Defense (in terms of stop-loss discipline, selectivity, and position sizing) is a prominent factor in this market for traders looking to survive a tape with a plethora of faded breakouts, head-fakes, whipsaws across all markets too, such as natural gas and crude.

Some big earnings reports tonights like AAPL and CMG may very well set the tone for tomorrow. But we will be prepared with both long and short ideas, regardless of the outcome.  

More after the bell in my recap.