Don’s Notebook May 29, 2018

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In today’s Morning Market Briefing, presenter Fausto Pugliese of CyberTrading University cautioned about “forcing” trades today since he expected a slower market following the Memorial Day market holiday. “Do not be aggressive today” was his warning.

The S&P Core Logic Case-Shiller Index of home prices reported this morning and the Conference Board releases its Index of Consumer Confidence.

  • The Case-Shiller 20-city index had been pushing toward 7 percent annual growth, at 6.8 percent in the last report for February. But FHFA’s March data slowed, and Case-Shiller’s year-on-year rate was at 6.4 percent. Monthly estimates were up 0.7 percent for the adjusted rate and up 0.5 percent for the unadjusted rate.
  • The Conference Board’s Consumer Confidence reading is expected to show, a May consensus of 128.1, holding onto this year’s gains.

Overnight, the MSCI Asia Pacific Index lost 0.4 percent, while Japan’s Topix index closed 0.5 percent lower for a seventh day of declines.

In Europe, the Stoxx 600 Index was 1.4 percent lower by 5:50 a.m. Eastern Time, with Italy’s main Milan gauge 2.9 percent lower as banks sold off, and Spain’s IBEX 35 Index down 2.8 percent.

Earnings today included, Booz Allen Hamilton, salesforce.com, HP, Inc. and Bank of Nova Scotia.

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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.