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?