Uh, joining us now is Chris Murphy, Susuana's co-head of derivative strategy. I love illquid markets, Chris, because bigger price moves, more to talk about. >> You're right. You're right.I mean, it could be more exciting at the end of the year. We hope it is. I mean, I'm stuck here most of the days until the end of the year, so I wouldn't mind some some excitement, but yeah, probably the highest volume day of the year uh till the end of the year.And then with those um expiration notional stats, uh sure it i ...

Market Sentiment & Strategy - Investors were largely long ahead of the Fed meeting, with a near 100% expectation of a rate cut [1] - Put spread buying, particularly focused on the September 30th timeframe, was observed as a strategy to remain comfortable in the market despite potential uncertainties [2][3] - Low volatility has been beneficial to the market rally [3] Sector Focus - The "MAG 7" (Magnificent Seven) tech stocks continued to perform strongly [4][5] - Call spreads in MAG 7 names like Amazon and Google were attractive due to high demand for extreme upside [5][6] - Strong call spread buying was seen in China market ETFs (Kweb, Ashares), driven by demand for upside potential, particularly targeting the November timeframe and potential tariff deal [8][9] Hedging Activity - Consumer restaurant names like Sweet Green and Chipotle saw hedging activity, with put buying indicating caution about potential downside [10][11] - Recent activity suggests some investors are trying to pick the bottom in Sweet Green (January call buyer) and Chipotle (end of October put sale) [11]

Market Trend & Company Performance - Coinbase's stock has more than doubled since its April low [1] - Coinbase IPOed in April 2021 at $381, currently trading at $353, potentially poised to recoup losses [2] Investment Opportunity & Trading Strategy - Options prices for Coinbase have not increased significantly despite the stock's appreciation [3] - Implied volatility is around 60%, while realized 30-day volatility has been over 80% in the last 6 months, indicating cheap options [4] - Suggests buying an upside call spread, specifically the August 350/430 call spread, costing approximately $24, to capture further upside and the next earnings release [5] - Suggests considering selling downside puts for those willing to take on more risk [7] Risk Assessment & Recommendation - Hesitation to chase highs without a breakout from former highs [6] - Recommends caution when establishing a position, suggesting to "let it breathe a little bit" [8] Business Development - 15% of Coinbase's revenues are from stable coins, a growing story [8]