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![neilksethi Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::2252413050.png) Neil Sethi [@neilksethi](/creator/twitter/neilksethi) on x 12.3K followers
Created: 2025-07-18 10:40:00 UTC

Former Goldman derivatives/macro head Scott Rubner now at Citadel says it's not yet time to fade the rally.  "We're not there yet."

 But he says you might want to start adding protection come the end of August with Sep 2nd representing the peak in terms of positive SPX flows.

But for the time being he says "the pain trade [is] higher", with companies facing a low bar for earnings beats, systematic strategies “still [having] room to add given the decline in realized volatility," CTA sell thresholds well below spot, retail investors still buying dips ("you only live once" is their motto he says), with retail a net buyer for the last XX sessions through Wed according to Citadel data “the longest daily retail buying streak since December," and August "typically a positive month for corporate flows" as they exit the buyback blackout. 



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XXXXXX engagements

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