Something you learn when 'metal working' is that;
If your drill bit it squealing then it's not in continuous contact with the metal!The noise you hear is the sound of the cutting edge skipping across the surface...........

It's sounds like fingernails on a chalk board to me.
With
Cobalt drills,
you have to slow them down! You'll smoke them every time, otherwise.
Use them properly and they'll last forever.
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Aluminum is a pain in the ass!
It sticks to your drill bit. It sticks to your tap.......
Some of the lubricants that work include;
Nickle Anti-seize - Its very difficult to keep this on the surface thats being cut.
Aluminum Tap Magic - Great Stuff! (the machine shop guys showed me this)
http://www.tapmagic.com/TMaluminum.htmTap Magic Aluminum is the cutting fluid of choice for any work on aluminum (and other soft metals). Unlike some other fluids on soft metals, it will not stain the surface of the work. Precision is always excellent and the finish is always superb
All cuts on aluminum, magnesium and other soft metals. Drilling, tapping milling - you name it!

They carry this stuff at Amazon.com.
.