The action started overnight for no particular reason. Gold, silver, platinum, copper, etc all slumped. The dollar edged higher, while crude began slowly edging higher. Stocks also slipped a little but only a touch. Yields were little changed.

The S&Ps then opened down about half a percent despite more BS about the US and Iran discussing a deal, and we proceeded to plunge to a loss of about a percent. The SOX, which has been on fire, even lost over 4 percent.

A low was seen around mid day, and the S&Ps would recover back to the open to go out with a loss of half a percent.

The dollar was a little firmer, with the DXY gaining a touch. Yields were little changed.

Oil rose over 2 percent, with WTI moving back over $100, but other commodities were broadly lower.

BTC also fell over a percent, and MSTR tumbled 2 percent.

Gold collapsed to as low as $4560 but then rebounded during the US session to go out closer to $4596 for a loss of 2 percent.

Silver similarly tanked to as low as $72 and then bounced to end with a loss of over 3 percent at just over $73.

The GDX gapped down to a low low for the move and then leaked even lower before bouncing a little but eventually going out back near the lows with a loss of over 4 percent.

The big question is what set off all the selling overnight in the metals? It's not like bombs fell and oil jumped 20%. Needless to say, I found that to be a little odd.

Granted, it could just be that oil continues to ratchet higher, as I've suggested it would, and distressed sellers are using the metals as a source of cash.

Alternatively, it could also be that somebody knows the war is about to restart, because people always know before the rest of us do. The UAE even announced it was exiting OPEC so it could pump more, which sounds like something the White House would want out there before they launched new strikes.

We shall see...

Tomorrow we'll get the FOMC, but it should be a nonevent.

If nothing happens overnight, maybe the metals bounce a little more? If they do, it's probably a sale though, as I continue expect the correction to continue.

My gold model remained at neutral.

Positions: Short SPY, QQQ, MDY, IWM, XHB, and BLDR. Long DBA (which made a new high today) and IBIT.

Metals: Long GDXD and ZSL, and I doubled my position in both today as the last hour began. I sold my SLV 65 puts for a double and bought SLV 64 and 62 puts for tomorrow for an average of 19 cents and 9 cents respectively.