9/7 Almanac

On Wednesday, Sept. 7: Beige Book.

There are 10 trading days before the September options expire, 45 the October, 73 the November and 101 the December.

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

Stats

Blue chip stocks (SPY) closed the latest regular session down 0.7% from the prior close. During the day SPY traversed 2.4% in a net move up of 2.3%.

The day's extremes: Open $114.39, high $117.16, low $114.39, close $116.99.

SPY closed within the DeMark pivots after trading below their range. The next DeMark pivots are $115.69-$118.47.

In total, 2.8 billion shares were traded on the three major U.S. stock exchanges, 10% more than on the prior trading day.

Five-year bond yields imply inflation at 1.71%, 10 basis points lower than the prior trading day.

Econ reports:

The Federal Reserve releases the Beige Book at 2 p.m. Eastern. The narrative review of the economy by region is rarely a market-mover, but it plays a role in forming opinions about how the economy is doing.

Also out: A pair of weekly retail reports, ICSC-Goldman at 7:45 a.m. and Redbook at 8:55 a.m.; the weekly Mortgage Bankers' report on purchase applications, a leading indicator for the housing market, at 7 a.m.; and the Treasury report on STRIPS, a product that separates interest payments from their underlying bonds, at 3 p.m.

Treasury auctions 4-week bills at 11:30 a.m. Eastern.

Two Fedsters take the podium.

Chicago Fed Pres. Charles Evans has a vote in setting monetary policy. He took office under President George W. Bush. He came up through the Fed system.

San Francisco Fed Pres John Williams is an alternate member of monetary committee and lacks a vote on policy. He took office under President Barack Obama and is also a creature of the Fed.

The Federal Reserve maintains an archive of speeches and testimony.

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.

Good trading!