The S&Ps opened up about half a percent despite crude, the dollar, and yields all moving high, and we quickly rallied to a gain of about a percent. From there, the S&Ps would chop sideways for the rest of the session just off the highs to go out near the best levels of the day with a gain of almost a percent.

The dollar rose a touch per the DXY, which also took out its near-term downtrend thanks primarily to a surge in the dol/yen to a new multiyear high. Yields also rose, especially in the short end, where the 2 yr yield surged back to 4.26% and just a touch away from last week's new 52-week high.

BTC also rose over 2 percent, and MSTR jumped over 4 percent.

Commodities were higher across the board, including crude oil, which rose nearly 3 percent to a new high for the move since the low. Copper surged 3 percent, and platinum rose over 2 percent.

Gold took out its near-term downtrend and rallied about 2 percent overnight to just over $4080 and then backed off ahead of the US open as yields and the dollar firmed. However, once the US session began, the dollar and yields were ignored, and the metal rallied back up to as high as $4088 before it backed off again to go out closer to $4077 for a gain of about 2 percent.

Silver blew through its downtrend since the July high overnight and quickly surged up to over $59. After backing off to nearly $58, the metal then rallied during the US session with gold despite the dollar and yields rallying to eventually go out back up near the highs at almost $59 for a gain of over 4 percent. That close also put spot silver above its 20 dma on the close for the first time since late May.

The GDX gapped up on the open and surged with everything else. After chopping near the highs for the most of the day, the GDX then squirted up to a new high for the day into the close to go out on the very best levels of the session with a gain of nearly 5 percent. GDX also recovered its 5 dma, which puts the bulls back in statistical control. Now this could be a one-day head fake, but I'm not betting on it this time.

As everyone knows, there has been a bullish RSI divergence in the metals and miners on the daily charts ever since the metals and miners dipped to their lows last week without the RSI making new lows. Today's action, however, was the first evidence that the RSI divergence was maybe going to matter, with the metals and GDX all surging above their 5 dma's.

We also know that sentiment per the DSI and HGNSI has been VERY bearish. Throw in my Tier 3 BUY signals that have been sprinkled in at various levels over the past couple weeks, and I think there's certainly the potential for some sort of rally to develop, especially in light of today's kickoff move that appeared to occur for absolutely no reason and came in the face of dollar, yield, and oil headwinds.

With that said, it's a bit early to declare this to be "the bottom." I would have preferred to see a flush and then the Fed surprise people by being less hawkish next week, but we don't always get what we want.

Basically, I'm constructive for a potential rally, but until the metals and miners take out their July highs, things are still a little dicey. And even if they take those highs out, things could still be dicey given all the damage that has been done.

With that said, today's across the board meltup in everything not nailed down was a little weird in light of the move in the dollar, yields, and oil. I'm not exactly sure what that means (maybe it's China related?), but it certainly wasn't bearish.

My gold model remained at neutral and will stay that way if the rally continues.

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

Metals: I took profits on GDXD and ZSL and bought AGQ and GDXU. I also bought some SLV 54.5 calls for tomorrow's expir in the final hour for 9 pennies.

Stay flexible my friends...