COT positioning in Euro FX sits at the 0th percentile of its two-year range on the short side, with the Swiss franc at the 2nd and the Canadian dollar at the 3rd. Three major currencies are stretched the same way at once. The 8 October 30-year auction graded B+ with a 72.32 percent foreign bid, so overseas demand for long Treasuries has not cracked. If the dollar side of that trade reverses before the 9 December FOMC meeting, the crowded shorts are where it hurts.