Leveraged funds are long VIX futures at the 93rd percentile of the past two years, the crowded end of that trade, while Euro FX shorts sit at the 0th percentile, the opposite extreme. The next catalyst is the FOMC meeting on October 28, nine days away. The October 8 30-Year auction drew a 72.32% foreign bid but still only earned a B+, a soft grade despite overseas support. If the Fed disappoints on the 28th, the crowd already positioned long VIX gets paid first.