The S&Ps opened up a touch, and we were off to see the wizard... The remainder of the session was a nonstop meltup until the final 30 minutes of the day, where we had a slight giveback. For the close, the S&Ps would end up over half a percent to just shy of a new all-timer, while the QQQ rose a percent to a new all-timer. And that happened despite the 10yr yield hitting another new multiyear high.

The dollar was mostly higher, with the DXY adding a touch. Although, it did fade from much better levels after soaring to a new 52-week high. BTC rose 2 percent.

Yields rose in the long end again, while the 2yr yield fell, which once again steepened the curve. As has been the case for a while now, yields in the long end all over the world continued to rise as well.

Commodities were mostly higher, except for crude, which slumped 3 percent on chatter about a "deal" like every day.

Gold bounced around between up about half a percent and down a touch overnight and firmed to the high of the range at around $4170 ahead of the US open. Once the US session began, the yellow metal faded back to slightly negative territory, where it would remain for the rest of the day to end down just a touch at $4140.\

Silver fared better and rallied overnight back to Friday's highs but then failed there shortly before the US open and proceeded to follow gold intraday to go out back near the mid-levels of the day with a gain of over half a percent at $61.

The GDX opened flat and then dumped to just a few pennies below last week's low for the move before then reversing and rallying back to eventually make it back to the day's highs and recover the 5 dma. Unfortunately for the bulls, the GDX then plunged in the final 10 minutes of the day to push it back below the 5 dma once again for a 9th straight session and for a loss of three quarters of a percent.

With the GDX and gold closing below the 5 dma and silver closing just above it, the statistical advantage still goes to the bears going into tomorrow morning's open, but remember that this is just a statistical tendency and not a certainty.

Meanwhile, 2/10 spread continues to soar after turning up back on September 23rd, and rapidly steepening yield curve is rarely bearish precious metals.

I still believe we've been building a base since Monday's dump that the metals and miners will pivot off of and turn higher to resume the rally that began off the July low. But, we may get another undercut of the lows in gold before things take off, as we have already seen in silver and GDX, which both continue to flash large bullish RSI divergences on the hourly charts spanning several days.

My gold model remained on a Tier 3 BUY for 6th straight session.

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

Metals: Long GDXU, AGQ, and SHNY. I also added some SLV 67 calls for Wed for 6 cents.