Since we are heading into the long Labor Day Holiday weekend, and many of us are looking to head out today, I thought we switch things up a bit and start with options talk and finish with some Labor Day trivia. For options traders, long weekends can be both good and bad. If we are long theta, we might look forward to the long weekends as we get to capture an extra day of theta when the markets are closed. Of course, those having positions with negative theta might feel just the opposite. But markets leading up to long weekends tend to have less liquidity so can be pushed around a bit more than normal with a news or market event. So as always, watch your risk heading home this weekend.
Since we are a full service options educational company, I thought a couple small Labor Day facts would be in order. The US President who signed the bill making Labor Day a national holiday was…Grover Cleveland in 1894. It was first celebrated however in 1982. Thank you President Cleveland. I love the three day weekend.
Labor Day was founded when most Americans worked 16 hour days in harsh conditions. The first Labor Day was really a rally for the adoption of the 8 hour work day. Good to have time to eat and sleep after work.
After Labor Day, traditionally it is not acceptable to wear white. I may have broken this rule a few times.
Finally, nothing to do with Labor Day but rumor has it that a cat has been added as a token to Monopoly. No comment.
Have a safe and enjoyable Labor Day Weekend.