Crude slumped about 5 percent overnight, and that seemed to put a bid under just about everything, except for the dollar, which reversed my of Friday's bounce even before the US session began.

The S&Ps opened up about a percent and proceeded to rally another percent before basically chopping sideways right off the highs for the rest of the day until about an hour and a half to go when headlines hit that there was some sort of "deal" (again) between the US and Iran. Crude tumbled another 3 percent. The S&Ps popped a touch to another new high for the day, while the even bigger move was in the metals, which ripped back to last week's highs (more on that below). The dollar also weakened, while yields barely moved.

For the close, the S&Ps would go out just off their highs with a gain of over 2 percent despite crude rebounding and recovering most of its last hour loss. The SOX managed to gain 7 percent despite NVDA falling 4 percent in the wake of its CEO admitting to having an affair with a so-called Chinese spy, which may put his job in jeopardy.

The dollar was weaker, with the DXY losing over half a percent and reversing 3/4 of Friday's bounce. BTC lost over a percent.

Yields rose a couple bps all across the curve.

Commodities were mostly higher except for crude, which tumbled over 5 percent to below its 200 dma in both Brent and WTI terms.

Gold rallied to as high as $4130 overnight and then backed off to $4090 before rallying back to that $4130 level again during the US session, where it failed for a second time. After pulling back to $4100, the metal began to creep higher again and eventually melted up to within pennies of of last week's $4147 high as crude slumped late in the afternoon on the deal headlines. Despite crude rebounding to recover some of those losses, gold would only pull back to $4135 or so to go out just off its high for the move since the low at $4140 for a gain of nearly 2 percent.

Silver traded very similar to gold and also failed near last week's highs until the afternoon "deal" headlines hit, which would then ramp silver back to last week's high at just over $53.50 . It too would then back off a little but closed near the highs at $53.40 for a gain of nearly 3 percent. Note the bullish inverted H&S on the silver/gold ratio as well.

The GDX gapped up on the open and surged above its October highs and above its 200 dma. When the "deal" headlines hit, the GDX popped again to a new high for the day and would go out just off those highs with a gain of over 4 percent.

Gold, silver, and GDX all remain above their 5 dma, which leaves the bulls firmly in charge. Additionally, they are now within spitting distance of breaking out above last week's highs, which the GDX has already done as of today (more on that in a moment).

Even when the metals had appeared to fail at last week's highs this morning, the miners were curiously strong, and given the headlines in the afternoon, I suppose we now know why.

Now, I could real care less about the "deal" BS, because it's the price action that is the only thing that matters. Sometimes news simply serves as an excuse.

Both gold and silver are now poised at just shy of their highs of last week with potential bullish cup and handle or inverted H&S patterns (depending on how one views the one hour and 4 hour charts). In other words, if the bulls can push prices above those highs tomorrow, there's a good chance that things will finally run.

That bullish price action also suggests that regardless of how the backward looking CPI comes in tomorrow that the bulls may try and gun things anyway. So, if the shorts (of which there are quite a few at present) are hoping for the CPI to bail them out, we may well see a surge simply because the metals don't decline on the CPI.

My gold model remained at neutral.

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

Metals: Long GDXU, AGQ, and SHNY. I also got a little luck and added some SLV 50 calls for Wed for 7 cents shortly before silver took off on the "deal" headlines.