After Biden announced his withdrawal, the US dollar and Asian stocks fell.

"Investors should expect volatility to soar," said Dave Maza, CEO of Roundhill Financial, before the Sunday announcement.

"If Vice President He Jinli can quickly mobilize and give Trump a substantial impact, then we should expect the volatility to continue," he said.

"However, if Trump continues to lead in the polls and investors believe his victory is inevitable, then the 'Trump trade' will prevail and volatility will decrease."

"We don't think this is the right trade," Barclays strategists said in a report on Sunday.

"We believe that Trump's second term will mean further strengthening of the dollar, and the recent decline has provided a good level to hold our recommended long positions (such as the dollar against the yuan)."

"With the increasing likelihood of Heather Kinley's victory, the Democrats' chances of winning the House of Representatives have also increased," said Steven England, a strategist at Standard Chartered Bank in New York.

"If the situation evolves in this way, concerns about further fiscal stimulus may weaken, thus easing pressure on interest rates and the dollar. However, it is still too early, and the election may turn out to be completely different from what was expected even two weeks ago.

I hope we encounter fewer historic events. Just last week, my team was discussing the impact of an unsuccessful assassination attempt on the market.

Among all this uncertainty, it remains to be seen whether the crowd that buys on dips will return.

Valuation has always been a concern. The optimism of artificial intelligence largely supports the market, and we are about to enter August and September, historically two soft months for the market. But overall, this is a historic market.

There are now more uncertainties. We do not have many precedents for candidates who have not gone through the normal primary process.

Although we may feel accustomed to everything beyond the norm, this is still a considerable amount of uncertainty that needs to be digested.

Bitcoin, energy, and other Trump trades will start unwinding, and trades impacted by solar energy or electric vehicle stocks will rebound.

But there is still a lot of uncertainty now, and the market does not like that. From now until Labor Day and September, we will see a significant increase in volatility.

Trump trades are likely to take a breather until the Democratic nominee becomes clearer. In a broader sense, this event injects more political uncertainty into the market, which may cause some volatility in the near term.

Ultimately, uncertainty is increasing. What does this mean for futures opening? It's not clear yet.

Bitcoin is a bit volatile. But we just went through a chaotic week, and I don't think it has much to do with Trump.

I believe this is more due to the economic slowdown, and the possibility of the Fed cutting rates by 50 basis points in September. Ultimately, there are many situations with more uncertainty.

Its direct impact has added uncertainty to the dominant Republican sweep of the market. In addition, everything is still unknown until the Democratic candidates become clearer.

Before this, the market had already begun to digest the scenario of President Biden withdrawing from the election. It's difficult to distinguish the 'Trump trade' (if it exists at all) from the market's rotation to small-cap stocks due to potential rate cuts.

The Fed is likely to cut rates in September. The only prominent aspect in the current 'Trump trade' seems to be the rise of Bitcoin and other cryptocurrencies, as Trump is seen as more favorable to this asset class.