The S&Ps opened up a touch and immediately began working higher for no particular reason, except for perhaps maybe because oil was off 2 percent.

After peaking with a gain of nearly a percent around mid-morning, the S&Ps would then fade and eventually went out with a gain of just over half a percent. The QQQ rose over a percent, and the SOX rose 3 percent after Anthropic filed for its IPO. Whooppee? Wana bet this gets cancelled due to poor market conditions?

The dollar was firmer, with the DXY adding a touch. BTC fell over a percent.

Yields hung around the unchanged mark for the most part.

Commodities were mixed. As I mentioned above, crude slipped a little after Trump decided not to open a can on Iran over the weekend. I also thought it was noteworthy that platinum broke down below its July low.

Gold chopped sideways overnight in barely positive territory just over $4000 and then was thumped on the US open down to as low as $3990. That dip marked the low for the day, and the metal would quickly rebound back up to as high as $4028 before settling back near $4013 for gain of a third of a percent.

Silver similarly chopped sideways in barely positive territory overnight before plunging during the US open back to its low on Friday. Once that low held, the metal rebounded back up into barely positive territory but would back off again to end down a touch at just under $54 but still well off the day's nadir.

The GDX similarly plunged back to Friday's low, and once it held, the GDX rebounded to go out back up near the better levels of the day and up over a percent.

The metals and miners are still well below their respective 5 dma's. Now the bad part about that is that the bears remain in control, but the positive side is that they're so far below that key trending average that some sort of rally is still probably due even if it is ultimately destined to fail.

My model likely remained on a Tier 3 BUY, but I don't have all my data in yet. Lately, we've seen bounces while my model is on a buy, but as soon as it moves back to neutral, sellers pile on.

My worry is that with the dollar continuing to remain firm even as yields plunge that the metals will continue to be pressured along with equities until something climactic happens on the downside for both. If so, then it wouldn't surprise me to see some sort of oversold bounce that's followed by a renewed plunge into month-end post-FOMC. That's not because the Fed is going to necessarily do anything overly surprising, but it could serve as the excuse for more of the same of what we've been seeing.

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

Metals: Long GDXU, AGQ, and SHNY. I still plan on making some changes to these, but I think we're due some sort of rally ahead of the FOMC.