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Zero Hedge
ZeroHedge
29 Oct 2024


NextImg:'Trump Trade' Goes Turbo: Bitcoin & Bullion Hit Record Highs, Tech & TSY Yields Rise

As the big day gets closer - and despite the catalyst-heavy week ahead - the so-called 'Trump Trade' continues to charge higher in stocks, crypto, bond yields, and gold...

Source: Bloomberg

Source: Bloomberg

Source: Bloomberg

Source: Bloomberg

...and if global money supply is anything to go by, Bitcoin could top $100k before this leg is done...

Source: Bloomberg

BTC ETF flows have been enormous in the last two weeks...

Source: Bloomberg

Ethereum has been lagging Bitcoin recently, but based on the cryptocurrency's historically tight relation to inflation expectations, ETh could be about to leg higher...

Source: Bloomberg

And Treasury yields hit their highest since July 5th this morning before rolling back over...

Source: Bloomberg

Coming back to stocks, the Republican policy basket is dramatically outperforming the Democrat policy basket...

Source: Bloomberg

Mega-Cap tech is outperforming (ahead of GOOGL tonight and more of the MAG7 later in the week)...

Source: Bloomberg

That pushed Nasdaq up 1% on the day as Small Caps and The Dow lagged...

Most Shorted stocks actually had a down day (after three big squeezes higher)...

Source: Bloomberg

The dollar ended the day unchanged but coiled up in a very methodical way during the US session...

Source: Bloomberg

Intraday, Treasury yields ended the day practically unchanged - but not before roller-coastering higher during the European session and lower (yields) during the US session...

Source: Bloomberg

Breakevens are running significantly higher too...

Source: Bloomberg

Oil prices ended lower again - despite a small rebound after yesterday's bloodbath - with WTI testing a $67 handle...

Source: Bloomberg

With a week to go until the election, we note that pump prices are tumbling... notably - and mysteriously - decoupled from wholesales gasoline and crude prices...

Source: Bloomberg

Finally, USA Sovereign risk remains extremely elevated...

Source: Bloomberg

Is this the ultimate Trump Trade?