PredictIt odds of President Trump's impeachment by the end of his first term have soared in the last 12 hours in heavy volume.
About 14 hours ago, volume started pouring in, increasing the odds from about 35% to almost 60% in the overnight hours.
Tuesday morning, the odds have traded from 40% to 60% range - consolidating after a massive ramp.
As of Tuesday morning, nearly 150 House Democrats are supporting impeachment action after "President Trump repeatedly pressured the president of Ukraine to investigate Joe Biden and his son Hunter at a time when Ukraine was desperate for military aid from the United States," said Michael Snyder via The End of The American Dream blog.
The political storm surrounding President Trump's admitted call for Ukraine's President to investigate Joe Biden may have been what sparked impeachment odds to spike.
According to Politico, sources have been telling them that the possibility of impeachment proceedings is "approaching a certainty."
"But House Democrats have been pulling together a wide-ranging case to impeach President Donald Trump on a series of alleged past and ongoing crimes against the country — a set of charges that goes far beyond the Mueller report — and all signs point to a possible public inflection point later this week, when acting Director of National Intelligence Joseph Maguire testifies before the House Intelligence Committee."
"The dam could break on Thursday," one senior House Democratic aide, whose boss has not endorsed impeachment, told NBC News.
Multiple senior House Democrats and congressional aides told The Washington Post that Speaker Nancy Pelosi has been strategizing on whether the time is right to impeach President Trump.
Pelosi has been assessing the mood of her caucus members about whether they believe the allegations that Trump urged the Ukrainian president to investigate a political opponent is enough to start impeachment proceedings.
The sudden jump in PredictIt impeachment odds of the president could have been led by Washington insiders who are in the know.
As shown below, heavy volume started pouring in yesterday evening and into the overnight.
The odds of President Trump being impeached by year-end appear to be in a new bull market.
With E-mini S&P 500 futures contracts near record highs, the market has yet to price in an impending political storm in Washington. Add the threat of impeachment to the market's long list of troubles.