9/6 Almanac

U.S. markets are closed on Monday, Sept. 5, for the Labor Day holiday. Markets in London and Tokyo will be open. Private Trader will report on Forex sometime after 9 a.m. Eastern.

On Tuesday, Sept. 6: Non-manufacturing index. Private Trader will return to its regular reporting schedule, including the daily Top Prospects market scan.

There are 11 trading days before the September options expire, 46 the October, 74 the November and 102 the December.

On the jump, market stats, econ reports, and the trading calendar . . .

Stats

Blue chip stocks (SPY) closed the latest regular session down 2.6% from the prior close. During the day SPY traversed 2.9% in a net move down of 0.5%.

The day's extremes: Open $118.42, high $120.87, low $117.43, close $117.85.

SPY closed below the DeMark pivots after trading within their range. The next DeMark pivots are $115.92-$119.36.

In total, 2.6 billion shares were traded on the three major U.S. stock exchanges, 6% fewer than on the prior trading day.

Five-year bond yields imply inflation at 1.81%, three basis points lower than the prior trading day.

Econ reports:

The Institute of Supply Management releases its index of non-manufacturing activity at 10 a.m. Eastern. The survey ranges from agriculture through communications and mining to wholesale and retail trade -- a real grab-bag.

Treasury auctions 3- and 6-month bills at 11:30 a.m. and announces funding requirements for 4-week bills at 11 a.m.

Minneapolis Fed Pres. Narayana Kocherlakota gives a speech. Kocherlakota has a vote in setting monetary policy. He took office under President Barack Obama. His institutional ties are academic.

Kocherlakota dissented in the August Federal Open Market Committee vote to hold interest rates low through at least mid-2013, so his remarks may have added weight.

The Federal Reserve maintains an archive of speeches and testimony.

Later in the week, look for the Fed's Beige Book on Wednesday, international trade and jobless claims on Thursday, and wholesale trade on Friday.

Trading Calendar:

By my rules, at this point in the cycle I can trade October vertical and calendar spreads, as well as December or later straddles, strangles, calls and puts. And of course, shares are good at any time.

Enjoy the holiday weekend!