The S&Ps opened up about percent for no particular reason, although it may have had to do with the fact that BTC stopped crashing overnight and also managed to bounce. That would be the case for the metals too. In fact, everything (stocks, BTC, metals, etc) all plunged but then hit a low and reversed about an hour after reopening on Thursday night.

The S&Ps would continue to rally all session and eventually went out on the highs with a gain of 2 percent. The VIX imploded for 18 percent, which is a decent sized move for it.

The Dow Jones Industrial average made a new all-timer, as did the IYT transports ETF, which continues to meltup.

Yields rose, and the dollar was a touch weaker, except against the yen, where it continues to melt up.

Commodities rebounded as well, with the GCC picking up over 2 percent.

BTC rebounded 10 percent, and MSTR jumped 26%.

Gold jumped over 3 percent after plunging to nearly $4650 overnight, and silver popped over 5 percent after plunging nearly 13 percent at one point overnight to a new low for the move.

The GDX also jumped over 5 percent and closed over the 5 dma for the first time since sliding below it last Thursday. I suspect this is a one-day head fake above that moving average, but I'll have more to say on that below.

Basically everything appeared to get squeezed today, but time will tell if it's anything other than a bounce into the weekend that squeezed options that were expiring on Friday.

If this was just a one-day head fake, then we should see the GDX move back below its 5 dma on Monday (Tuesday at the latest).

Silver didn't even recover its 5 dma, although gold did. Gold, however, is forming what appears to be a compression triangle on the charts, and given the break from the high, the typical resolution would be down.

I still think this correction in the metals has further to go, because sentiment never really moved off the highs in proportion to the giant price breaks we saw.

BTC and MSTR, however, may have seen a low, as BTC and its derivatives often begin to rally as gold has corrected, or at least that has been a common pattern of the past several years. So, it will be interesting to see if BTC continues to rally next week and whether the metals begin to diverge and resume their correction.

My gold model remained at neutral but is very close to a Tier 1 SELL again.

Positions: I made no changes to my equity shorts, and I continue to lug IBIT around. I dumped my SLV puts for a 50% haircut and my GDX puts for pennies. The irony here is that if I had gotten the move on Friday that we saw overnight after the close on Thursday, these would have all paid off big. But alas the equity market wasn't open in order for me to sell my puts at the time. So it goes. I did, however, buy GDX 90, 89 and 86 puts for next Friday at 90 cents, 90 cents, and 45 cents respectively. I plan to add more to these on Monday as long as the GDX slides back below the 5 dma. Obviously the 92 level is now key support for GDX, but if it gives way like I think it will, I suspect we'll test the intraday 2026 low down around 83. We shall see...

Don't forget we'll get the jobs data on Wednesday...