The S&Ps opened down about half a percent after yields, the dollar, and oil all traded up overnight. After a brief attempt at a rally that failed, we fell back to the open and chopped sideways until Trump posted on social media that he wouldn't attack Iran again until after the midterms. That headline sent crude tumbling about 2 bucks. The dollar weakened, and yields fell.

Shortly after that the FT then broke a story that OpenAI revenue was likely $20 bln less than thought. In other words, the AI bubble may not be inflating as fast as everyone thinks, which means the entire AI complex is potentially in trouble.

The SOX and QQQ tumbled 1 and 3 percent respectively and dragged the S&Ps to new lows for the day as well as a loss of nearly a percent. Even more interesting was that the dollar and yields fell as well. Metals firmed.

After hitting their low for the day in the early afternoon, the S&Ps managed to rally back into the close to go out off the lows and back up near the open with a loss of just half a percent.

The dollar began the day mostly firmer and then slumped (primarily vs. the yen), which hit the DXY for a touch. BTC got dragged down with tech and lost 2 percent.

Yields fell all across the curve (maybe there will be less competition for debt from AI crap?) but fell more in the long end for once, which flattened the curve slightly and hit the 10yr for 5 bps. Like with the 2yr yield several weeks ago, I suspect we've now seen a top in the 10yr yields as well, or at least a top that's going to last a while.

Commodities were mostly higher, including crude, which rose over 2 percent after being up as much as 5 percent before Trump posted.

Gold chopped sideways overnight in barely positive territory and then dipped to $4105 around mid-morning. When crude slumped, the yellow metal popped to $4133 and then began to give it all back until yields began to plunge as AI crap began selling off. That decline in yields and the dollar sent gold to a new high for the day and to as high as $4145. Following a pullback, the yellow metal firmed again into the close to go out back up at $4135 for a gain of nearly a percent.

Silver traded more poorly than gold overnight and plunged nearly 2 percent to a new low for the move. After retesting that low during the US session, the white metal then followed gold to the upside and eventually went out back up near its better levels of the day but still with a loss of over half a percent to a new low for the week.

The GDX opened flat and then rallied back with the metals to end near its highs for the day with a gain of a percent and a half and just shy of the 5 dma.

Gold, silver, and GDX all closed below the 5 dma once again, which leaves the bears in charge, but they did show some life once yields and the dollar turned over today.

If the AI bid continues to come out of equities in the coming days, I could make a case for yields to absolutely collapse, which would also weigh on the dollar. Conversely, that could light a fire under the metals and miners.

We still need to see the metals and miners recover the 5 dma to set up some upside, but today's action did have a small freckle of bullishness.

As you will see below, the action had enough bullishness to get me to re-enter my longs, at least for a day in order to see what happens tomorrow. I will stop out on any decline below today's lows.

My gold model probably remained on a Tier 3 BUY, but I don't have all my data in yet. I will post the results in the AM for subscribers.

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

Metals: Long GDXU and AGQ with a stop just below today's lows. I also added some SLV 56 calls for Monday for 7 cents.