The S&Ps opened up over half a percent after crude slumped 4 percent in the wake of Trump pulling another TACO over the weekend with respect to attacking the Houthis (or Iran).

The S&Ps proceeded to rally all day, and only in the final 20 minutes or so did a pullback finally appear to send the S&Ps out just off the highs with a gain of over a percent and a half.

The dollar was mostly a little firmer, including against the "house" (i.e. - the yen and Bessent's wishes). The DXY added a touch.

BTC jumped 7 percent to a new high for the move for no particular reason, and MSTR managed to tack on 10 percent.

Yields fell all across the curve, but mostly in the long end, with the 10yr sliding 5 bps to 4.95%.

Commodities were mostly higher, except for crude, which slumped 4 percent on more hopes for a miracle. Whatever the reason, crude does look like it wants to come in, which may actually help the metals and allow yields to fall.

Gold slipped overnight and briefly rallied back to nearly unchanged shortly before the US session before slipping again back to as low as $4323 to mark the low of the day. From that low, the metal then firmed back up to $4360 and proceeded to chop sideways for the rest of the day to go out off the lows but still down nearly a percent.

Silver held up better than gold once again overnight and spent the time in barely positive territory for the most part before then slipping once again back into negative territory, where it would chop sideways for the rest of the day just above the downtrend that it broke last week but still down half a percent at $66.

The GDX dogged it up once again, and after opening a little higher, it immediately dumped into negative territory, where it would remain for the rest of the session and ended off its low but still down over a percent. That close also put it just pennies below its 5 dma, but I suspect that's a one-day head fake rather than a shift in control back to the bears. Tomorrow will tell the tale.

I still believe the metals and miners are on track for continued upside after hitting lows for the pullback since the August high last week. The first obvious sign that this assumption is correct is that the metals and miners will take out last week's highs, ideally tomorrow morning.

My model may have moved back to a Tier 3 BUY, but I don't have all my data in yet. I'll post the results in the AM for subscribers.

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

Metals: Long GDXU, AGQ, and SHNY. I also added SLV 62 calls for Wed for 9 cents after my calls for today got smoked.