Scott Rubner, Citadel Securities' Chief Equity and Derivatives Strategist, noted in his latest report that as September begins, the tailwinds from the US stock earnings season have largely dissipated. Historically, both retail and corporate buyback demand significantly weaken in September, and the room for systemic funds to rebuild has substantially narrowed. Meanwhile, the macroeconomic event calendar is becoming dense again, and seasonal patterns indicate September is the weakest month of the year. Rubner explicitly suggested that this is his first inclination to "sell rallies and buy protection" rather than chase gains since his adjustment in July. He characterized September as a "tactical downside window" and anticipates that after this window, the market may present more constructive positioning opportunities around mid-October.