Scott Rubner, Head of Equity and Equity Derivatives Strategy at Citadel Securities, is urging investors to reduce market exposure and buy downside hedges ahead of September. The S&P 500 hit an intraday record of 7,816.70 in August, but September has historically been the worst-performing month for the index since 1928. Several structural headwinds are converging this year: corporate buybacks are expected to slow around September 12, retail investors have shown signs of fatigue, and systematic strategies are approaching peak allocations. Equity options are currently at the cheapest levels of 2026, making hedges particularly attractive. Rubner emphasizes this is a tactical call, not a structural one, with Citadel Securities maintaining its constructive long-term outlook on US equities.
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