The SOU was yawn overnight (other than the usual entertainment that Trump provides), with no real saber rattling to speak of with respect to Iran.

With that said, Brent crude only backed off a couple dimes, and gold and silver rallied again regardless (more on that below).

The S&Ps opened up a touch and then basically grinded higher all day as everyone waited with bated breath to see what NVDA would say after the close. The S&Ps closed up nearly a percent, and NVDA rose over a percent.

BTC woke up and jumped over 7 percent in what appears to have been a successful retest of the lows. MSTR also notably jumped 9 percent. I suspect BTC and its derivatives have bottomed for a whole host of reasons, and as you will see below, I added to my IBIT and bought MSTR for the first time today.

Commodities were mostly higher, with the GCC adding a percent, and the dollar was a touch weaker too.

Gold and silver once again rallied overnight, and after a "glitch" caused the CME to halt trading in metals futures and options for several hours, which oddly began about an hour before the pit close and the expiration of futures options and ended a couple hours after, both then slipped into the equity close to go out near the lower levels of the day with a loss of a touch and a gain of over a percent respectively.

The GDX gapped up on the open and then reversed to fill the gap. After rallying to a new high for the day and just shy of the January high, the GDX then faded with the metals to go out off the highs but still up nearly half a percent to a new high for the week and knocking on the door of a new all-timer.

Platinum notably took out its Feb 4th high today, and I suspect that indicates that it's only a matter of time before silver similarly takes out its Feb 4th high, which it tried and failed to take out today. Of course, who knows what would have happened if the market hadn't taken a 3 hour time out thanks to the CME shutting things down. CME's stock fell nearly 4 percent on the shutdown incidentally.

It still appears to me that the bulls are on a mission to push things higher into month-end, and I suspect today's late fade is a trap for bears. But we'll find soon enough if that's correct.

Tomorrow Iran and the US will meet for one "final" chance to avoid a conflict. So that news may serve as an excuse for movement in the metals. Never mind that Polymarket still shows no real chance of a US attack anytime soon. As a wise man once said, never let facts get in the way of a momo trade.

My gold model moved back to a Tier 1 SELL but recall that the market shrugged off Monday's T1 SELL yesterday. It may take a Trifecta before the current rally hits a short term wall. Or at least that's the way this stuff trades to me.

Positions: I made no changes to my equity shorts, and in addition lugging around IBIT, I increased my position today by 100%. I also waded into MSTR for the first time.

In the metals, I added GDXU on the gap fill of GDX this morning, and I added some more SLV 90 calls for Friday during the final hour fade for 21 cents.