The 7-Year auction on September 24 drew a 57.2% foreign bid, graded F. Leveraged funds lean the opposite way: VIX futures longs sit at the 98th percentile of the past two years, Russell 2000 shorts at the 6th, and Euro FX shorts at the 7th, the widest in two years. Elevated sentiment readings rose from 7 to 9 week over week heading into the October 28 FOMC meeting, 13 days out. If the Fed disappoints a market already long volatility and short small caps, the unwind runs one way.