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Sent 9/10/2026 · Public read after a 24-hour delay

1:00 PM ET: 10-Year Note Auction.

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

10-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: 758.05.

QQQ: 708.23.

VIX: 17.68.

Market State 5 of 9: Chop, bearish bias.

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