The race tightens for the presidency as McCain's Intrade contract soars to new highs

The political conventions are over and the GOP appears to have gotten the bigger bounce as McCain's Intrade contract ( experiences record volume. Over $26M has now been traded on Intrade's presidential markets for this election cycle, with more than $12M on McCain.

After the GOP Convention and McCain's choice of Sarah Palin as a running mate,
McCain's presidential contract on Intrade surged and has been trading at all-time highs.
Polls are also showing Democratic Presidential nominee Obama either trailing or in a dead heat with Republican Presidential nominee McCain.
-The end of last week, McCain's Intrade contract surged 13% in 24 hours.

  • McCain is currently trading at a 47.80% probability that he will win the Presidential election, while Obama is trading at a 50.20% probability that he will win the election, down over 14% in the last month, according to the Intrade markets.

  • As Sarah Palin continues to solidify her fan base, it is no surprise that the Intrade contract on the likelihood that she would be withdrawn as the GOP VP nominee has fallen more than 76% from its highs, and is currently trading at only a 4.5% probability that she will be withdrawn, according to the Intrade markets.