Managed money's Euro FX short sits at the 0th percentile of the past two years, the most crowded short in that window, while VIX futures longs sit at the 93rd percentile, near the top of the same range. Both bets are maximally stretched at once, and AC's smart money and fed signals lean bearish into the October 28 FOMC, seven days out. If the Fed leans hawkish, the VIX long pays and the Euro short gets squeezed at the same time.