Don’s Notebook August 8, 2018

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Yesterday, Walt Disney earned an adjusted $1.42 per share for its latest quarter, missing Street forecasts by eight cents, with revenue also falling short of estimates. Disney saw subscriber losses at its sports cable network ESPN and spent more on programming and technology.

MBA Mortgage Application Notes:

Purchase applications for home mortgages fell a seasonally adjusted 2 percent in the week of August 3rd, posting the fourth weekly decline in a row.

  • Applications for refinancing fell 5 percent to their lowest level since December 2000

Oil Notes:

The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S and is due this morning at 10:30 ET.

  • The EIA report will be closely watched for inventory changes particularly because in a supply-focused market following the reinstatement of sanctions against Iran on Monday and news of output cuts by Saudi Arabia, both of which are supportive of prices.
  • Last week, crude oil prices briefly fell to the lowest level since June following the EIA report of an unexpected inventory build, and prices continue to be under pressure.

Treasury Auction Notes:

  • Buyers saw larger Treasury auction sizes and $78 billion of coupon issuance this week and will watch closely the $26 billion in 10-year notes for sale this afternoon, as occurred yesterday in the 3-year auction.

Overnight Market Notes:

  • The MSCI Asia Pacific Index advanced 0.3 percent while Japan’s Topix Index closed 0.1 percent lower ahead of high-level economic talks between U.S. and Japanese officials.
  • In Europe, the Stoxx 600 Index was 0.1 percent lower at 5:50 AM Eastern Time in a relatively quiet trading session.

Earnings Notes:

  • CVS Health, Mylan, and The New York Times, are among the companies that reported quarterly earnings this morning.
  • After-the-bell earnings include 21st Century Fox and U.S. Auto Parts.
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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.