Leveraged funds sit near record long the Australian dollar and yen, at the 96th and 95th percentile of two year positioning, and near record short Russell 2000 futures at the 6th percentile. That pairs a crowded bet against small caps with two currencies that spike when risk assets crack. Five of six Acid Capitalist pillars read bearish, and sentiment has held nine elevated readings for two straight weeks. If a growth shock lands before the October 28 FOMC, the yen and Aussie unwind hits the Russell shorts hardest.