The PPI came in hot, and while people briefly appeared to care, the "caring" didn't last long.

The S&Ps initially dipped in the wake of the hotter PPI and dipped a little more after the open as the dollar and yields firmed. However, as soon as the dollar and yields backed off, the S&Ps began to rally. It probably also didn't hurt matters that crude oil topped out around the same time and began to weaken too.

The S&Ps would proceed to rally for the rest of the session and went out on the very best levels of the session with a gain of of half a percent to another new all-timer.

Crude oil lost 2 percent, and commodities were a little weaker as well, although not by much.

Yields initially rose but then backed off to near unch, while the dollar only gained a touch per the DXY.

BTC slipped a percent and continues to be trapped under the 200 dma. MSTR slumped 3 percent. Thus, I'm probably early with my calls.

Gold once again couldn't get out of its own way and slipped to as low as $4670 before eventually bouncing to cut its loss to just over half a percent at $4690.

Silver, however, ripped again and squirted up to nearly $90 before backing off to end back at around $87.5 for a gain of a percent to a new high for the move.

The GDX opened down and briefly traded down below the 5 dma before recovering it and trading up close to positive territory before then reversing again to go out back where it opened near the mid-point of the day's trading range to end with a loss of a percent but once again above the 5 dma, which leaves the bulls statistically in charge.

Silver seems to have an inflationary bid along with other base metals, like copper, but the divergent action we are seeing between silver and gold (and now the miners too) often occurs on final runs in silver and commodities in general. So, one needs to be careful.

With that said, huge silver imports in China, which look a lot like the hoarding we saw in China back in January, could certainly continue to drive silver higher in the near term. I would just stay close to a chair for whenever the music stops. As long as the S&Ps keep rallying though, that music probably keeps playing.

My gold model remained at neutral.

Positions: Short SPY, QQQ, MDY, IWM, XHB, and BLDR (this piggy made another new 52-week low today). Long IBIT and DBA.

Metals: I sold AGQ and GDXU to roughly breakeven given the gain in AGQ and the loss in GDXU offset each other. Like I said above, I don't like this divergence we are seeing between gold and silver, and with the miners acting poorly on top of that, I'd rather be on the sidelines. I might by some SLV calls tomorrow if silver comes in and stabilizes, but that would be purely a short-term trading bet.