Aside from gold, many assets haven’t dropped in response to the rising probability of rate hikes. But keep in mind, big money operates with tiered defenses and gradual retreats—it’s not as simple as clicking market price to go short. Different assets have their own rhythms. From now until the September 16th FOMC meeting, as the probability of rate hikes increases, funds will gradually pull out of risk assets, and liquidity will decrease. Maybe it’ll only plunge after hitting the critical point, but right now is definitely not a good time to go long.