Hey gang I hope everyone is having a terrific weekend! Now that being said, I don’t like doomsayers and “End of the World as we know it“  folks!! , but I do have to say what I have in the for  front of my mind is the BP oil explosion.  This more than anything could be our Catastrophic event!!  This is like an oil volcano that if continues could contaminate all our gulf/oceans and be toxic to us all. I do know they are downplaying this so no one panics but if you think about the out come of what this could mean your hair will stand on end!!!  Here is an excellent write up from Godlike productions.. Please read this    http://www.godlikeproductions.com/forum1/message1066057/pg1 More than Greece, corruption or anything else this scares me to death!

Now on to the markets short term, allot of bearish activity happened the last couple of days,.. On Wednesday when the ran up with no real reason behind it, I called for us to go short in the Optionsblackboard.com chat lounge. Well needless to say we had a fabulous week.  Some examples  BP July puts @ average of .60 closed out yesterday for 1.18  in 24 hours, Apple 200 puts .93 closed yesterday in one day for 1.95!!  Gold Gold Gold calls 3.30 2 days closed @ 5.70

Now Gold sold off yesterday after making a new high,  pure profit taking. I closed 1/2 calls @ the open and after it got back to around 1226 (my retracement target was 1225)  I reloaded to the hilt and that turned out to be a fabulous call. There is a cup and handle on Gold so I do expect more upside. I have a video below.

We were short the EUR since 126.38 and yesterday closed for about 300 pips this week time 3!! I have one lot going into this weekend, not knowing for sure what will happen over the weekend in Europe.   EUR hit my target of 125 and 123 area, next stop below is 120,  then 115 and I do see the EUR at par with the Dollar!!   Possibly to 90!

For next week, I do expect more Volatility and have a VIX call spread still on I put on Thursday that I expect will continue to do well. The VIX popped nicely yesterday to  33.24 and finally settled after a late day pop to 31.24.

Gold is en fuego! Now that being said normally I would shy away from this precious metal due the fact that it’s all over the news, CNBC, and even spoken about at dinner parties , ect.  Now the reason is when everyone is on the same page it’s time to get off, now that being said there is a bit of a different scenario here,  the Eurozone is completely unstable, which will affect the rest of the globe. So being long the GLD or long gold in some form or silver is always a good thing. I have included Gold in my video this week, I have been long and been in and out but still have some positions in my book .  We made some crazy money in the Chat room @ OBB on Gold and a bunch of other things.  So I hope you enjoy the video and just an update we are in the process of moving the chat lounge into HOB and having a free blog as well as the chat lounge. It will have a bold new look and totally cool with lots of features.

So enjoy God bless and have a great weekend!! oxoxox Anna