Stocks were spanked by a couple percent, with the S&Ps filling Monday's "reopening" gap. The SOX notably fell to a new closing low for the move since the high.

One of my own favorite shorts, BLDR, tumbled over 2 percent to a new 52-week low and is breaking down from a 2 year H&S stop (ugly).

Positions: I left my equity shorts in SPY, MDY, IWM, QQQ, BLDR, and XHB unchanged.

Commodities were broadly lower, as were the commodity producing equities.

Silver tumbled about 2 percent, but it remained above its 5 dma, which leaves the bulls in control, after briefly spiking to a new all-timer overnight in many foreign currencies as well as in the Dec futures.

Gold slipped half a percent, and the GDX tumbled nearly 3 percent. Nevertheless, that slide in the GDX left it above its 5 dma once again, which leaves the bulls in charge.

My gold model moved back to neutral from yesterday's Tier 1 SELL, which was a late edit after some data came in late yesterday.

I still think the odds favor a failing rally in gold, silver, and GDX that then gives way to a renewed corrective wave down along with equities. However, I will admit that I've been especially surprised by how strong silver has been although the strength in gold and GDX is nothing to sneer at either. I'd like to see some aggressive downside tomorrow to cement a failure. If not, the door remains open to new highs, no matter how surprising that might be.

Positions:I bought ZSL and GDXD back on the open and then took them back off at the end of the day when it was apparent that both silver and GDX would close above the 5 dma again. I also day traded some SLV 46 puts for tomorrow (bought at 7 cents and sold at 11). In the last hour, I also bought some SLV 49.5 calls for tomorrow for a nickel just in case the bulls try and ram it to a new all-timer...more so because it seems like a low risk/big reward if silver rips to a new all-timer as well as the fact that I've been surprised by the strength of the rally in silver rather than any strong feeling on more upside.

The dollar was weaker again, with the DXY making a new low for the month.

IBIT also slid over 3 percent, with BTC sliding back below 100K. Once again, that's not a good sign for liquidity in general.

Yields rose again, with the 10yr rising back to 4.11%.

In summation: Stocks look like they're in trouble...