Sent 9/9/2026 · Public read after a 24-hour delay

1:00 PM ET: 3-Year Note Auction.

This public read omits positions, sizing and private email details. It is not a complete copy of the email.

3-Year Note Auction is the main event today.

This is where I expect the tape to get noisy. I want to see the first reaction, then whether it holds.

SPY: 763.91.

QQQ: 716.73.

VIX: 16.15.

Market State 5 of 9: Chop, bearish bias.