👀 Futures firms chaos, The Trump Trade, Gold mania

Hi guys, it’s Kieran! Another week in the markets is upon us, so let’s get into it.

📢 Prop Firm Industry News

Lots going on in the Futures space right now. MyFundedFutures has launched a new “Instant Funding” program where you get paid for hitting milestones and work your way up to live funding. This is their answer to the latest wave of instant funding firms like FastTrackTrading & Tradeify who have no evaluation. Although this does look a lot harder than the aforementioned firms offerings, it certainly looks more sustainable in the long run. FastTrackTrading are currently battling a huge backlog of payouts ($10million reportedly!) and have had to change rules and deny most of this backlog. Tradeify have also changed rules this week, presumable so that they don’t end up in the same situation as FastTrackTrading.

MyFundedFutures is a very stable firm, but caution is advised trading with other new firms, particularly in the future space. Lots of great deals out there but just know what you are getting into.

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From Payout Junction, we listed Tradeify last week.

And here is last week’s payout leaderboard 🏆️ 

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🕜 Economic calendar

Here are this week’s red folder news events. Lots of red folder news from across the globe. US non-farm payrolls, PCE Price Index (the Fed’s preferred gauge on inflation) & Bank of Japan policy decision to list just a few of the potential market moving events. The US election week is now only a week away so lots of headline risk to keep in mind as well.

📈 The Macro View

Positioning in a holding pattern…

Positioning on Goldman Sachs Prime book is reading exactly the same as last week. No major longs added. Although the S&P 500 is up 10 of the last 12 weeks, FOMO has not kicked in as it normally would at this point. This is understandable as big books are likely waiting for the US election to conclude before making major positioning changes.

What happens after the US Elections?

Historically a slight pullback in equities going in, and a rally after, has been a feature of past close elections regardless of the outcome.

The Trump trade - Stronger Dollar

The US Dollar index in tracking Trumps prediction odds. The higher the chance of Trump winning, the stronger the dollar gets. One to keep an eye on.

Gold mania

Away from the US Election, a lot of people are getting very excited about gold. Biggest inflows since July 2020. 13 out of the last 15 months(!) have been green and FOMO looks to be kicking in. Lots of reasons to be long Gold here but caution is very much advised at these levels.

That’s it for this week. Have a good one and stay safe out there!

Kieran

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