Leveraged funds are long VIX futures at the 98th percentile of the past two years and short E-mini Russell 2000 at the 6th percentile, a bet on both a volatility spike and a small-cap breakdown. It follows the 7-Year Treasury auction on September 24, which drew only a 57.2 percent foreign bid and graded an F, with the next FOMC meeting 18 days out on October 28. Smart money and liquidity lean bearish, AC's macro signal leans bullish: if that holds into the meeting, something gives.