The S&Ps opened flat, and we immediately took off and sprinted to new all-time highs. After hitting a high with a gain of around a percent around mid-morning, we then backed off a little and proceeded to chop sideways into the close. In the end, the S&Ps would go out near the better levels of the day with a gain of nearly a percent to a new all-timer.

The dollar was firmer and driven primarily by weakness in the yen (watch out for intervention tonight), with the DXY picking up nearly half a percent.

Crude oil rose over a percent and continues to be ignored by the rest of the market for the most part. The rest of the commodity complex was lower, with copper backing off half a percent and platinum losing 4 percent.

Yields were little changed.

BTC popped nearly 3 percent to just shy of recovering its 200 dma, while MSTR rose 5 percent on Clarity Act hoopla.

Gold printed nearly $4720 overnight and then backed off to eventually plunge to a low of $4669 in the US. Following a bounce, the yellow metal then tumbled again to eventually go out near the worst levels of the session near $4650 with a loss of over half a percent.

Silver also slipped overnight and underperformed gold for a change. Following a plunge to just under $84 early on during the US session, the metal then bounced, but like gold, it eventually slipped again to make new lows and went out closer to $83 for a loss of nearly 5 percent that took it back to the low for the week.

The GDX opened down below the 5 dma and inside of yesterday's range and then slipped to just below yesterday's low to mark the low of the day. From there, the GDX bounced with the metals, but unlike the metals, the GDX did not make new lows in the afternoon and instead went out higher than its morning low but with a loss of over 2 percent.

That close also put the GDX below the 5 dma for the first time since May 5th, although recall we can get one-day head fakes with this trend indicator. So, the jury is still out. Personally, I am leaning towards a head fake, because this looks like 4 day bullish flag on the charts for GDX to me.

Stocks continue to be in their own little world and drive increasingly by a more narrow group of names, but what else is new?

Trump's China trip ended today, and I don't think there's anything of consequence to note from it.

My gold model remained at neutral.

Positions: Short SPY, QQQ, MDY, IWM, XHB, and BLDR. Long IBIT and DBA. I sold my MSTR 217.5 calls for 50 cents for a double. I'm a little worried those may be donuts tomorrow.

Metals: I bought the dip in GDXU and AGQ and I also bought the SLV 81 calls for tomorrow for 12 cents as well as the 80 calls at the bell for 9 cents. I tend to think we get another pop in the metals and miners before some sort of correction sets in, and that's why I chose to do this. What that correction looks like will tell us a lot as to whether the lows are in and we're off to see the wizard, or whether we have more business on the downside before the bulls take charge again. A lot may depend on whether the Iran war restarts again, which could be at any time now.