The SKEW index, which measures smart money tail risk, just hit the highest level in its history at 161.35. While not a perfect timing indicator, this is not to be taken lightly. It could portend a Fed misstep, but what would that be? If the Fed fails to pull back on QE – is that a negative or a positive? Is the market looking for a hawkish or dovish Fed? This is not an easy call, but the price should tell us, and why I prefer to trade tomorrow.