Leveraged funds are long VIX futures at the 98th percentile while short E-mini Russell 2000 at the 6th percentile and short euro at the 7th, a crowded bet on volatility against small caps and the dollar. That stacks on a weak 7-Year auction on September 24 that drew only a 57.2% foreign bid, graded F. The FOMC meets October 28, 14 days out. If foreign demand for Treasuries stays this thin, a squeeze in either crowded short forces fast covering before the Fed speaks.