Another exciting day in the markets, as they nervously move from foot to foot, waiting to see what happens next in the world, from Iran to the G20.

Gold and silver were off day. No surprise there, since the lucky holders of in-the-money call options from yesterday end up holding futures contracts today. The wiseguys always like to give them a little test on those new positions.

But let's face it. The metals have had one heck of a run, and are due for a little back and fill consolidation here.

Stocks remain a bit of an edgy deal since they have come back so briskly from the big December sell-off.

It still seems that they are priced for a rosy scenario that does not exist and is, in fact, falling apart. 

But, since the music is still playing, the players will keep dancing.

Have a pleasant evening.

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