The Money? What Money? Investment group has, after many months of careful deliberation, countless hours spent on fact finding trips, report analysis and director interviews and what must total several weeks in the pub, purchased a whole load of shares. Our full portfolio can be seen on the left and detailed reasoning will appear in the minutes which will/might eventually be put online so click read more below for the highlights. 

This morning I got a lovely wake up call from IG Index, my text alert telling me that Daily Brent Crude had fallen below $51. Late on Monday oil hit and breached a descending trend line I'd marked on my charts, the price retreating to the centre of the wedge shortly afterwards. No trade was taken at this point because I was concerned about voltility surrounding the expiration of the December Put options which the ft suggested were going to allow some traders to net profits in excess of 2000% and might lead to signficant volatility.

Below is the chart for Daily Brent Crude at time of writing:

The price is still comfortabley in the middle of the descending wedge but I'll be watching the $50.00 mark carefully for an entry signal. Not to be one sided that descending trend line is getting stronger and stronger so I'll be looking for it to act as resistance again to possibly push oil below the $50 mark, as predicted at a recent meeting of International Oil groups who gave a target of around $40 per barrel.  

At the end of this week I've got a bigger position in Autonomy (AU.) than I started with which always makes me happy but little else has happened on the trading front.

Oil

Oil is still above the $50.00 level I'm watching and it's also made it's third touch of a strong trendline I've been watching develop as shown below:

GBPUSD

Cable is showing quite a nice reaction to a descending trend line and there is also some weak resistance just beloe the 1.5000 level which I'll be looking for signs of strengthening.

Quick update on my ongoing autonomy trade, the price seemed to be finding support and around the 880 level so I increased by long position at 881 by around 2/3rds. The price headed back up to around 910 this morning putting me nicely into profit but is at time of writing back around £8.74, annoying that it has slipped back but very glad I bought at 880 becaue othewise my order would have been triggered at £9.00 in this mornings spike.

Apologies for the quality of writing, blame scott....he bought that last round. 

Update (14:00) - Crude Oil

Watching with interest as oil approaches the $50 a barrel mark, not only for the phsycological factors, a round number and exactly half of the much touted $100 a barrel milestone, also because it was where oil hit it's low in January 2007 before beggining its long rise to well over $130 a barrel.

 Oil going back to early 2006. The black line at the bottom is $50 a barrel:

Quick entry today, mainly about Autonomy (my pet share for those of you who don't know this already). Today saw it fall through the £9.00 mark and come to rest around £8.50 in a fairly turbulent morning of trading.

I had intended to double my long position at £9.00 however given it's behaviour so far I've entered an order to buy at £8.00 and will continue to monitor the price and consider moving that buy order to £9.00 if it's behaviour changes. I've also moved my stop on the existing position to the fairly clear resistance level around £7.00 as shown below: 

  Oil is currently staying well below my previously marked resistance level so nothing to report there. 

QTI

For those of you who don't know, Qonnectis was the first company MWM ever purchased shares in, Below is the chart of their progress over the last year or so. That peak you see? That's where we bought. 

I'd love to call this a rollercoaster ride, sadly it's been more like a vertical drop. Our stake is worth about 30% of what is was a year ago and that would be less if my calls to increase out stake 6 months ago hadn't been shouted down by the others whose money was involved.

Suprisingly therefore I'm still fairly happy with this little business. Granted they tell the public nothing, don't really update their website and constantly issue new shares because they run out of money but I still really like the technology. I also think that we went into this, perhaps naively, knowing that it was an all or nothing share. At the time they had a new product, leakfrog, which we thought showed enormous potential and I still hold that view today.

If the product is successful it will move this company from an essentially loss making R&D outfit to a profit making supplier. The share is binary if you like, either it will succeed and the share price will increase dramatically or it will fail and make no money, everything in the mean time is just noise.