Blackrock

Blackrock take on Wall St

http://www.ft.com/cms/s/0/0709a7c6-9f02-11de-8013-00144feabdc0.html

"Cohiba Day"

Late last Friday was a "Cohiba day" as coined by Fari Hamzei on his twitter page. Oil finally broke its tight range and plummeted towards 69. As soon as it hit my sell order of 71.4, and fell further I knew this was what all the bears had been waiting for all week long....What followed was definitely worth the wait as CL1 fell off the proverbial cliff

Range

Oil trading within a v tight range. It refuses to break 72.4 and refuses to go below 71...

Irrational Exuberance

Irrational Exubarence....Was the phrase used by Greenspan to describe the frothy nature of markets. Ever since the NFP data came out on fri, markets have been on an absolute tear. $ is getting absoluetely battered acrosss the globe and Oil has breached $72. Guess the G20 meeting over the weekend has helped place the rocket up this markets backside. Looks like my prediction of Sept 9-13 as the turning point of this market could be off by a few days.

Training - Mentoring

Been spending the last few days training my cousin to trade derivatives through a spreadbetting provider. I never realised how much fun it is watching someone else take their first few steps within the game. Over the last few days she made a return 22.5% on her original investment, which is impressive. The next step is to teach her the golden rules of money management and to sustain her success. Anyway I'm off to a friends wedding lets hope for plenty wine, women and song...until next time ciao!!

Food

Still feeling v poorly, but soldiering on and fasting nonetheless. Think might have to take a break tmrw and rest up. On a trading perspective, there was some v nice mint to be made when WTI breached 69.3. But it seems to have now formed another base around the 68.6/7 level.

US Non Farm Payrolls out on Friday and that should provide further impetus to the bears. I believethis friday could be the start of the big market contraction that will take place b/ween Sept 9-13.

Food

Feeling poorly after a night out with the likely lads...add the fact this is my 10th day of fasting and not in the greatest of moods. Made a tiny profit on falling WTI today, looking to re-enter short around 70.5.

Anyway off to a family BBQ but not allowed to eat until 7.51pm....