$PDD(PDD.US) sold short calls and bought long calls to hedge against potential short-term volatility and reduce risks. Pinduoduo has been performing well and aligns with last week's analysis. Personally, I believe interest rate cuts will have minimal impact on Pinduoduo since it was already poised for an uptrend—the logic is solid. However, a 50-basis-point cut would be a bigger boost for U.S. stocks, which should normally trigger a rally. If the market reacts weakly and remains volatile in the coming months, it suggests that even with rate cuts, capital still perceives U.S. stocks as high-risk, indicating the market has entered a recession cycle. In that case, consider shorting or shifting to safe-haven assets like gold and cryptocurrencies.