CME revised margin calculations for precious metals based on notional value, causing significant increases. Gold and copper continue to soar, cryptocurrencies breaking out of trading range.

Stock futures slipping due to Trump/Pal drama, geopolitics, weak earnings start with Meta selling off and JP Morgan hit hard.

Precious metals pulled back from all-time highs but ramping back up - silver at $91.37 (+$3.82), gold at $4,647.50, copper around $6, platinum up $41 to $2,395.

New 100-ounce silver contract launching Feb 9th will help traders scale in with rising volatility and allow hedgers to be more precise.

ETF flows: buying gold, silver, palladium; selling platinum. Gold holdings highest since Sept 2022, up 6% YTD.

Equities softer with MAG7 under pressure, Meta leading lower pre-market, risk-off sentiment from geopolitics.

Crude oil breaking out to upside, going from bearish to neutral to potentially bullish trend.

Fed rate cut expectations: January only 2% chance, March starting to rise. Likely Fed cuts rates multiple meetings, pauses, then another cut in March.

Dollar edging higher, teetering on potential breakout. 10-year Treasury yields rangebound 4.11-4.22%.

VIX futures jumping to 17.20 but below 20 level. Short positioning on VIX most extreme in over 15 years.

Bitcoin futures gapped up to $95,700, triggering bullish trend. Support at $86,270.

European and Asian stocks extending gains, led by Japanese shares.

Watch for weakness in metals due to rising margin requirements that went into effect last night.

Friday has over $2 trillion in notional option open interest set to roll off, which could bring volatility. Markets overextended but can remain so.