We opened up a touch in the S&Ps, and shortly after that it hit the tape that a deal between the US and Iran could be just a few hours away. That "news" popped the S&Ps as crude dumped about $5 and dragged down the dollar and yields with it as well.

After that pop, the S&Ps quickly hit their high for the day and then spent the rest of the day chopping sideways to eventually go out near the very best levels of the session with a gain of over a percent.

The dollar was mostly weaker, with the DXY backing off a touch. Yields also backed off, with the 10 yr yield falling 8 bps.

BTC added over a percent, while MSTR added only a touch.

Commodities were mostly higher on the back of oil falling about 5 percent. Copper and platinum both added a couple percent.

Gold slipped to a new low for the week overnight but then popped to as high as $4550 on the "deal" news. After backing off a little, the yellow metal spent the rest of the session chopping sideways to go out back up near the earlier highs at $4545 for a gain of nearly a percent and a half.

Silver avoided a new low for the week overnight and then popped to nearly $77 on the "deal" hope. Just like everything else, it then chopped sideways near the highs to end near the earlier highs at $76 for a gain of nearly 3 percent.

The GDX opened higher inside of yesterday's range and then traded up with everything else on the "deal" BS to fill yesterday's gap and then spent the rest of the day chopping sideways to end near the highs with a gain of over 3 percent. Despite that gain, the GDX once again closed below the 5 dma, so the bears are still statistically in charge.

Gold managed to rebound back to the 5 dma today, but both silver and gold failed to even check back to that average. Perhaps they can bounce a little more tomorrow to challenge those averages before the bounce fails?? And if we get more BS deal news, who knows maybe they can bounce big??

However, even if the US and Iran were sign some BS deal "tomorrow", oil would of course see a knee jerk to the downside, but then it's going to rally right back, because the hole that has been blown in oil supplies will still be there. That means the market is going to assume that central banks will react to the coming inflationary wave with higher rates, which is going to continue to pressure the metals complex (not to mention distressed sellers trying to defend their currencies and purchase oil).

Granted, that assumption by the market may prove to be wrong, because if stocks slide, the Fed will ease. But for now, that's clearly the way the market is thinking.

My gold model remained at neutral.

Positions: Short SPY, QQQ, MDY, and IWM. BLDR bounced 7 percent today, so I dodge that bullet.

Metals: I bought the SLV 72 calls for Friday for 14 cents shortly after the open, and then when everything popped I dumped my SLV 70s for a push. Again, this is just a bet on a bounce, and it's certainly possible that I may be getting too cute here too.