The S&Ps opened up about a third of a percent and proceeded to dip back to the unchanged mark to mark the low of the day. From there, we bounced back up to the open and then chopped sideways for the rest of the day to go out pretty much where we had opened with a gain of a third of a percent.

The dollar was mixed, with the DXY losing a freckle. Yields backed off about 8 bps in the long end (an apparent reaction to crude sliding) and didn't seem to react to an Op-Ed from Drukenmiller in the WSJ scolding Bessent for trying to manipulate the bond market.

Commodities were mixed. Platinum and palladium both lost over a percent, while copper gained over a percent. Crude fell 5 percent on more (you guessed it!) chatter about a ceasefire.

BTC gained a hair and is sort of up on a pole at the moment.

Gold popped to a new high for the move overnight and to as high as $4695 before rolling over and slumping back to $4620, where the metal would then flop and chop between down a touch and flat before eventually sliding to as low as $4605 after the US open. From that low, the metal then firmed and eventually recovered back up into positive territory to go out near the mid-levels of the day with a gain of just a hair to $4657.

Silver popped with gold overnight, but unlike gold, silver failed to make a new high for the move and then slumped back to roughly $67.50. Like gold, silver then rebounded back up into positive territory to go out with a gain of a touch at $69.

The GDX opened down near the 5 dma and yesterday's low and then rallied to a new high for the move, where we would chops sideways for the rest of the day to go out near the highs with a gain of nearly 2 percent.

Gold, silver, and GDX all closed above the 5 dma once again, which leaves the bulls firmly in charge. With that said, there are increasingly some short-term warning signs that might be something more depending on what happens.

The hourly charts all have some bearish divergences, and we're extremely overbought on the daily charts. On top of that, my model is very close to a Trifecta SELL, which was last registered on the March 2nd top.

Will any of that matter? Perhaps not, and if it doesn't, there will be information in that strength. But if it does matter, we could be looking at a fairly nasty downside reaction.

Tomorrow we'll get the PCE, and as usual, I would expect a giant yawn.

My gold model remained on a Tier 1 SELL.

Positions: Short SPY, QQQ, MDY, and IWM. Long DBA, IBIT and STRC.

I punted my SLV 65 calls, because in light of today's pullback, they're too far away in my view. I also bought the SLV 60 puts for tomorrow in the final 15 min of the day for a nickel as well as put out GDXD and ZSL for the reasons above. If the rally continues tomorrow, I obviously won't be holding on to these.

Stay flexible my friends...