The CPI was out before the open and came in HIGHLY inflationary but roughly inline. Thus, a headline number with a 4 handle was still a total yawn.

The S&Ps opened down about a percent, and after a brief attempt at a bounce, we began slowly sawing our way lower, as the dollar and crude slowly firmed in the wake of Trump promising new military strikes against Iran while at the same time saying a deal was close. If this wasn't real, it would be funny.

The S&Ps would basically slide all day and eventually went out on the lows with a loss of over a percent and half.

The dollar would go out on its highs with a gain of just a freckle after starting the day down, per the DXY. Yields also rose all across the curve.

BTC treaded water and was only off a hair. MSTR slipped a percent, which for this wild animal is also treading water.

Commodities were mostly lower once again, with platinum leading the way with a 4 percent slide to a new low for the move. Crude oil was the one area of strength and rallied over 3 percent.

Gold opened down and slid all day to go out on the lows at $4072 to a new low below the March low and a loss of over 4 percent.

Silver also slumped and went out on the lows at $63.5 for a loss of over 2 percent.

The GDX gapped down and rebounded to fill the gap and then collapsed to go out on the lows with a loss of 5 percent to a new low for the move.

Again, I still think we are looking at a puke in progress to below the March lows in the metals and miners, and only silver now needs to join the party in order to make that happen.

Could a bounce happen before then? Sure it could, but the risk is lower in the short run.

My gold model gave a Tier 3 BUY yesterday after some late data came in, but given that this signal was stampeded by sellers today, that's a failed signal, which can often lead to downside acceleration. Subscribers will want to check my Intraday Comment in the morning for what the model did tonight. We may be on our way to a rare Tier 1 BUY in the coming days, last seen on the Monday following the Spring of 2020 crash.

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

Metals: Long GDXD and ZSL. Long SLV 57 puts for Friday. I also added SLV 54 puts for Friday for 12 cents and I took a long shot on some GDX 65 puts for Friday for a nickel.