Before the open this morning, Trump was ranting and raving on social media about pounding Iran and taking Kharg Island among other things after launching more "defensive" strikes overnight.

The S&Ps dipped a little on that. The dollar firmed a little, and the metal slipped a little. But nobody appeared to take it too seriously.

PPI came in really hot, but nobody really cared about that either.

The S&Ps opened up about a percent and basically gyrated sideways all day until shortly after noon when Trump posted on social media that a "deal to make a deal" or some BS had been secured with Iran so he was cancelling tonight's planned bombing.

The S&Ps exploded on the news to the tune of about a percent. The dollar, which had been on the high of the day and the week, collapsed. Crude oil tanked 5%. Yields fell, and gold and silver popped.

From there, the S&Ps would push a little higher into the close despite Iran and Israel both denying such a deal existed. In the end, the S&Ps would go out just off the highs with a gain of nearly 2 percent.

The dollar traded up to a new high for the move per the DXY but then collapsed on the "deal to make a deal" BS to end down a third of a percent. Yields also slipped on the "deal."

BTC popped 3 percent, and MSTR jumped 5 percent. I bought some STRC today as a long-term hold ahead of its ex-div date on Monday (a tax free dividend too). For those that don't know, it's a yield play. It may also be a bit of a ponzi scheme, but as Mr. Ponzi once famously said: There's nothing wrong with a ponzi scheme as long as you're not the last guy out. You can read the specifics HERE

Commodities were mostly higher and popped on the "deal to make a deal" BS, except for oil, which tanked 5 percent.

Gold tumbled to a new low overnight to as low as $4060 and then began to bounce once the US session began. When Trump posted his BS, gold ripped for about $130 to go out near the highs at $4212 for a gain of over 3 percent.

Silver similarly slipped down to its March nadir and then bounced and then ripped on the deal BS back up to about $67, where it closed for a gain of over 5 percent.

The GDX treaded water around its low for the week and then ripped on the deal BS to end up over 5 percent. That close also put the GDX just over the 5 dma for the first time since June 3rd. The question is, however, have the bulls recovered control, or is this just another one-day head fake? We shall see, but I am leaning towards the latter.

I'm not sure I buy this "deal to make a deal" BS, and if it turns out to be another fantasy, markets are likely to reverse today's party fairly quickly as oil rebounds. And even if there is a deal to make a deal, oil is going to rally anyway at some point due to inventories being drawn down already with no hope of new supplies arriving in time. The only question is from what level does crude turn.

My gold model's Tier 3 BUY for the past two days interestingly caught this bounce, but my model has now returned to neutral after today's pop.

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

Metals: Long GDXD and ZSL. I sold my SLV 57 puts before the Trump BS for 50 cents and then bought them back for 15 cents. I also added the SLV 54, 55, and 56 puts for tomorrow at 8, 8, and 12 cents respectively. I also bought the GDX 70 puts for 14 cents and remain long the 65 puts too.