The S&P 500 has rebounded impressively, climbing over 17% from its March lows due to positive developments in tariffs, strong earnings reports, and a significant recovery in the semiconductor sector. This rally has made hedging strategies more affordable, as the volatility index (VIX) has dropped to the high teens, reducing the cost of protective put options. Investors looking to hedge can now purchase a one-month 30-delta put option at a fraction of the previous costs during the market's downturn. For example, buying the June 26th weekly $730 strike puts costs about $7.40, or approximately 1% of the SPY's current level. Despite the market's upward momentum, concerns linger regarding the sustainability of these gains, particularly given the Federal Reserve's stance on inflation and elevated Treasury yields. Additionally, the divergence between the equal-weighted and cap-weighted S&P 500 indices suggests potential issues with market breadth. Investors are advised to monetize their hedges in the event of a market pullback to ensure they do not waste the premiums paid for protection.