9:18 (Dow Jones) News that oil has finally stopped flowing into the Gulf needs to be put in perspective, writes Chad Brand, founder and president of Peridot Capital. "This is a test, this is only a test," he says, while disclosing his firm has a long position in BP. "The well has been capped for only a couple of hours and leaks could still surface, not to mention the fact that the pressure could further damage the well." It's also too early to say with any conviction that the oil leak has been officially stopped. "The rally in BP shares will easily vanish if any issues arise." BP off 1.5% premarket after rising 7.6% yesterday. (steven.russolillo@dowjones.com) (http://www.peridotcapitalist.com/2010/07/bp-goldman-sachs-google-and-finreg-what-a-day.html) Call us at (212) 416-2181 or email john.shipman@dowjones.com Visit the Market Talk blog at www.djnmarkettalk.com. (END) Dow Jones Newswires July 16, 2010 09:18 ET (13:18 GMT)