Don’s Notebook March 28, 2018

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The selloff that began yesterday afternoon U.S. spread globally last night.

Tech stocks led our loser list, with Nvidia Corp. and Facebook Inc. among the hardest hit.

Overnight, the MSCI Asia Pacific Index fell 1.3 percent; Japan’s Topix index closed 1 percent lower and in Europe, the Stoxx 600 Index was 1.0 percent lower at 5:45 a.m. ET with defensive stocks the only sectors posting gains.

  • S&P 500 futures signaled further losses at the open but the DJIA and S&P 500 both opened higher before diverging by the end of the first hour.
  • At 8:30am the Bureau of Economic Analysis announced that US Q4 GDP was revised 4 tenths higher in the third estimate to a 2.9 percent annualized rate beating the Street’s consensus by 2 tenths.
  • The US Census Bureau announced that the trade deficit did not improve during February, showing roughly the same number as January ($75.4B vs $75.3B).
  • Blackberry, Hudson’s Bay, Walgreens Boots Alliance, GameStop and Red Lion host earnings calls.
  • The National Association of Realtors announced that pending home sales for February rose 3.1 percent in data for February though they follow a 5.0 percent revised decline in January.
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Dr. Don Pratl is Director of Trader Development and Education for TradeStation. He joined TradeStation in 2016 after holding similar roles with other online brokerages. Don’s long career in the financial services industry reflects expertise in administering trading and investment strategy programs for retail investors as well as financial services professionals. Since the 1980s, he has held various positions in areas including CBOE trading floor order execution, marketing, sales, personnel management, training and customer service. Don holds series 3, 4, 7 and 63 FINRA licenses, earned his Ph.D. in Organization and Management, and his M.A. and B.A. in Political Science. He has been an occasional adjunct college instructor since 2004 at a range of institutions, teaching undergraduate, graduate and doctoral students using in-class and online formats.