"If you personalize losses, you can't trade." -- Bruce Kovner
NEW YORK (TheStreet) -- It was a quiet start to the week, with limited range in the indices and stocks for the most part. But we do have Chipotle Mexican Grill (CMG) and Netflix (NFLX) reporting tonight.
Those two companies can move fast and hard, and we may be able to get a trade off in them Tuesday.
More basing action is fine. We just have to be patient and wait for buy points to come.
The longer the base, the higher the space, as they say. And that just means that a long base leads to a much longer and stronger move when it does finally begin.
Sitting in cash and keeping your account and emotional capital intact -- instead of getting chopped up -- is truly a skill to learn. That will take you from being a marginal trader to a spectacularly profitable one.
The S&P 500 SPDR ETF (SPY) remains in a tight range. Above $198.30 is good, while a move under the 21-day average isn't.