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]