Foreign demand at the 7-Year auction fell to 57.2 percent, a failing grade, while leveraged funds pushed shorts in the Swiss Franc and the Russell 2000 to the 3.96th percentile of the past two years, the crowded end of both trades. Sentiment's elevated count dropped from 9 to 6, yet every AC pillar except markets still reads bearish. The FOMC is 31 days out, on October 28. If foreign buyers keep fading long-dated paper, dealers become the marginal bid the Fed inherits.