Over the weekend the headlines were nonstop that Iran and the US had reached some sort of BS deal, and when the dust cleared this morning, the two sides couldn't agree on what deal had been struck or even if there was one. The US even attacked some boats and launch sites in Iran overnight. The straits remain "closed."

With that said, crude oil only retook part of the losses over the weekend to leave it with a loss of about 3 percent.

The S&Ps opened higher like every other day and then slipped into a sideways chop to end near the mid-levels of the day with a gain of over half a percent to a new all-timer. The only slight thing of interest was that the VIX also jumped over 2 percent, which is a little unusual given the upside in the S&Ps and can often herald coming surprises to the downside.

The dollar was little changed per the DXY after initially weakening on the "deal" and then recovering.

Commodities interestingly mixed despite the decline in crude.

Yields backed off a little.

BTC was virtually flat and slipped back below the 50 dma.

Gold popped initially along with everything else as crude knee jerked to the downside in the "deal," but the yellow metal would then eventually tumbled and give back all those gains and then some to hit a low of $4483 in the US before a closing bounce that sent it out back up over $4500 at $507 for a gain of a freckle relative to Friday's close.

Silver swung similarly and ended up 2 percent.

The GDX gapped up and went out near its highs for a gain of over 4 percent, which recovered the 5 dma for the first time in 8 sessions, although it could be a one-day head fake.

Deal-on, deal-off BS continues, but at the end of the day it doesn't really matter at this point because the shortages in the pipeline for crude are going to push prices to new highs even if the straits had opened weeks ago.

I did find it interesting how poorly gold traded today. With generally everything getting a lift from the slide in crude, gold couldn't get out of its own way?

With that said, I don't know whether this bounce in the metals and GDX gets some more legs tomorrow or not, but I continue to believe these bounces are sales until we see the metals punch through the March lows (probably coincident with oil spiking and stocks sliding) and set the stage for the Fed to ease despite the obvious inflationary pressures that are building in the pipeline.

My gold model remained at neutral.

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

Metals: Long GDXD and ZSL. I also bought some of the SLV 64 puts for Friday for 14 cents.