The S&Ps opened down a touch after crude popped 3 bucks overnight after Trump rejected Iran's latest peace proposal over the weekend.

But that dip didn't last long, and we immediately began working higher after the open to eventually see a around noon with a gain of over half a percent.

From that high, the S&Ps then began to faded into the close, and we eventually went out back near the mid-levels of the day with a gain of just a touch to a new all-timer. Interestingly, the VIX also popped 7 percent, which is a little unusual given the rally in the S&Ps to a new all-timer.

Commodities were mostly higher along with crude oil for a change. Copper notably rose over 3 percent to a new all-time closing high and just shy of the spike high back in January. Crude also gained nearly 4 percent and is once again working back to its highs despite the lack of any "war news" over the weekend.

Yields also worked higher along with crude ahead of tomorrow's CPI data. Likewise, the dollar index firmed a touch as well.

BTC rose over 2 percent from Friday's close to just shy of the 200 dma, and MSTR likewise rose over 4 percent to a new high for the move since the recent low.

Gold slipped overnight but then recovered some of its losses and then took off shortly after the US open and eventually squirted up into positive territory to as high as $4750 before slipping to $4710 but eventually recovering back up to $4735 for a gain of just a touch.

Silver also dipped overnight but recovered much faster than gold and eventually screamed higher during the US session to eventually post a gain of over 7 percent and close above its April high.

The GDX opened near yesterday's high and then squirted up to as gain of over 3 percent, where it would then basically chop sideways all day to go out with a gain of just over 3 percent.

Spot gold's 50 dma crossed below its 100 dma just above last week's high, and that cross interestingly hasn't happened since mid-2023. So, that's another indication that gold has lost some momentum here in the near term.

At the same time, people obviously seem to be laying a bet that silver will take over and outperform gold again like we saw back in December and January. However, I'm not so sure that this isn't another head fake in silver, and gold for that matter too. <>Tomorrow we'll get the CPI, and I would expect it come in on the warm side thanks to oil prices. Will anybody care? That's the bigger question. Meanwhile, oil is just a headline away from a spike to new highs and will make those new highs in a more grinding fashion regardless of those headlines, as we have been saying for some time. That die is already cast.

My gold model remained at neutral.

Positions: Short SPY, QQQ, MDY, IWM, XHB, and BLDR. As yield pop (which is what I expect), BLDR and XHB are headed for new lows.

Long IBIT and DBA.

Metals: I flattened out on Friday and sold both GDXD and ZSL, so that move was fortuitous given today's moves. Nevertheless, I made the mistake of not buying SLV calls. Oh well? I did buy a few SLV 72 puts for Wed ahead of the CPI data in the AM for 16 cents.