As expected, the PCE came in right inline with the consensus, although the reaction was to push yields and the dollar higher while the metals softened.

The S&Ps opened down a touch and basically chopped sideways all day before firming in the afternoon to go out near the best levels of the day with a gain of an eyelash.

The dollar was firmer, with the DXY ending up a touch. Yields also firmed a couple bps in the long end and a little more in the short end, which continues to flatten the curve.

Commodities were mostly lower except for crude, which rose a percent.

Gold slipped overnight and then weakened a little more in the wake of the PCE to eventually tumble to as low as $4585. From there, the metal bounced a little, but not much. For the close, the metal would go out near the lows at $4595 for a loss of over a percent.

Silver similarly weakened overnight and dumped back to near yesterday's low at 67.5 before bouncing a little to end closer to $68.15 for a loss of a percent.

The GDX opened down inside of yesterday's range and slipped to just shy of yesterday's low to go out near the lows of the day with a loss of 3 percent. That close also put the GDX below the 5 dma once again, which indicates the potential for a trend change unless it's a one or two day head fake.

I tend to think the metals and GDX can leak a little more tomorrow ahead of Warsh's Jackson Hole speech on Friday, but I think the speech is going to be another generalized one, with little in the way of forward guidance, which Warsh is not a fan of. If that's right, then the market will read it as dovish, and the metals will pop. But you probably need to pull the hammer back a little more tomorrow (and maybe even Friday morning before the speech) in order to set up the shell firing on Friday.

My gold model may have moved back to neutral, but I won't know until all my data comes in. Either way, today's slide pushes things further from a Trifecta SELL, which is a positive.

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

Metals: I sold my GDXD and ZSL in the closing minutes even though I think GDX and silver can trade lower tomorrow. I'd rather be flat and looking to buy the dip rather than trying to manage an exit from a short at the same time I'm looking to get long.

Stay flexible my friends...