Stocks did a bit of a pop and flop today, led by the 'Magnificent 7' tech stocks.

Gold, silver, and the Dollar all drifted higher.

VIX rose.

There will be a precious metals futures option expiration on Friday.

Stocks of physical gold in the Comex-registered Hong Kong warehouses have dropped significantly.

The markets seem to be jogging in place.

At some point, they will break. Perhaps a little higher. 

But the mispricing of risk is profound.

Have a pleasant evening.

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