Crude jumped about 4 percent overnight after once again there was no magic "deal," and that set up a virtually flat opening in the S&Ps.

After opening virtually flat, the S&Ps spent the remainder of the session chopping sideways to go out pretty much where they had opened with a loss of a freckle.

The dollar firmed all day long, especially against the yen, with the DXY ending up a touch. Yields also rose, although the curve once again steepened.

Commodities were firmer, with crude jumping 7 percent. Copper rose a percent, and platinum picked up a touch.

Gold firmed to as high as $4360 overnight before weakening into the US open and eventually slipping to as lo as $4319 to mark the low of the day. From there, the yellow metal firmed along with crude oil and the dollar to eventually go out on the highs of the day at $4390 for a gain of over a percent to a new high for the move.

Silver similarly firmed overnight and weakened to a low just above $63.50 in the US before taking off with gold to eventually print over $66, which was also roughly where it closed with a gain of over 3 percent to a new high for the move.

The GDX opened down and briefly dipped to the 200 dma before firming back up to go out back up near Friday's high with a gain of over half a percent.

Once again there was no real data driving the metals. They just took off on their own and completely ignored both strength in the dollar and crude oil. Higher yields were ignored too for that matter.

With that said, the metals and miners have run a long way since last week's lows, and the miners finally stopped outperforming the metals today. Given that the miners have had the nose, that may be an indication that some sort of pullback is getting close.

Again, a pullback to the 5 dma or even just moving sideways to let the 5 dma catch up is pretty normal even during a strong rally. So, for those looking to add to longs or initiate them, I'd do so when that check to the 5 dma comes. Or at least that's what I plan to do.

My gold model probably remained at neutral, but it's getting close to a Tier 1 SELL, which is typically good for a pullback during the early phases of a rally like this. Subscribers can check tomorrow's Morning Note for the update to the model.

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

Metals: Flat