What a fantastic week for members with VIX spiking a lot and those who were short mkts or long VIX made some cash this week.

So all in all here is my view:

1. VIX spiked and I think VIX is near some short term top. I believe VIX will pullback soon and this would take mkts higher.

2. NYMO is pretty extreme oversold here and I believe this fits well with a possible rally coming near term.

3. My downside target on SPX has been 1900-1930 area , I believe there is a VERY good chance that markets is seeing a low in this range, so I would NOT short at those levels , but rather find some good stocks to go long.

4. Gold should be seeing a “major” low last week at 1280 and I believe Gold is going towards 1400-1500 next, with August and September the most bullish months for Gold prices statistical.

Conclusion: All in all , expect mkts this week to start grinding higher again with Gold prices. As long Gold is above 1270-1280 I remain very bullish on Gold.