"Trump Trade" Continues To Gain Ground

Good Monday Morning, MPTraders!  October 28, 2024-- Pre-Market Update: There are four trading days remaining in October...  There are two trading days before AMD and GOOG report earnings (See Calendar below my charts)... There are three trading days before MSFT and META report earnings... There are four trading days until AMZN, AAPL, and INTC report earnings... and five trading days until the next consequential macroeconomic data release: The October Jobs Report... Lastly, overarching everything else, there are nine calendar days until Election Day...

On the subject of the election-- i.e., the influence of the election heading into the final week of campaigning, the "Trump Trade" continues to gain ground: DJT up again, Bitcoin Up, and Oil down as markets perceive a Trump victory is increasingly likely and as such, is mirrored by the candidate's own company namesake, DJT, accompanied by rising Bitcoin prices because Trump supports the establishment of a US crypto (Bitcoin) fund to help pay down the huge national debt, and acutely weaker Oil prices that are reacting to both the supply implications of "drill baby drill" and the cessation of potentially escalatory confrontation (however temporary it may be) between Israel and Iran... See my attached charts for DJT, Bitcoin, and December Crude Oil below... 

DJT is up 6.8% at 41.64, a new 3-1/2 month high this AM, atop a relentless 265% climb from its month-ago low at 11.75, a possible reflection of Trump gaining momentum in his quest to be the POTUS again... (continued below the chart)...

Bitcoin is up 1% at 68,655 as BTC pushes up against its March-October ATH resistance zone that if taken out, will point to 80,000-83,000 next...

December Crude Oil is Down a whopping 6%, negatively influenced by drill baby drill, excess supply, and a respite from Israeli-Iranian confrontation...