Positioning across the world's most-levered financial instruments has never been this extreme.
There has never been a bigger net long VIX futures position.
Given the weight of all these extremes (and the implicit leverage from the ETF markets), this week's FOMC decision may be more turmoil-er than normal by an order of magnitude.
With such extreme positioning across the equity, vol, and bond complex, it would seem no matter what The Fed does in September, there will be blood.
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