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After a torrid two-day short-covering rally which saw stocks gain as much as 3.7%, we're seeing a fresh round of selling here in the U.S. market. Precious metals and those miners are a bright spot, though there’s a weaker dollar to thank for it.

Of course, everyone’s looking forward to Fed Chairman Jerome Powell’s comments when the FOMC meeting wraps tomorrow. Depending on what he says, and how traders read those tea leaves, we could get a “Great Reflation.” Personally, I think oil will need to have one more washout to lows before that can start in earnest.

This is a market that calls for caution; my sense is the recent rally is in the process of burning a lot of unwary traders today.

But there are pockets of strength right now, both here at home and in China, which we’ll look at tonight…

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