Bought 3 CM 10OCT Puts 74.00 @ 5.65, Mark 72.30

By Paul | Published: June 2, 2010

I am doubling my CIBC (CM.TO) short on test of $72.50 resistance about half an hour before the close.  $72.50 is the 50% retracement level on that big dive in beginning of May.  See Figure 1.  Moreover, $72.50 is the bottom of a congestion zone in middle of May.

CIBC (CM.TO)

The trading volumes in CM.TO and the TSX index are weak.  So I am betting that the market won’t follow through with this upward move.

Mental stop is $73.00 and $74.00 as hard stop.

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  1. By Bought 250 HND.TO @ $6.51 | Quantisan.com on June 3, 2010 at 1:49 pm

    [...] should be the last of my new position for a while.  I have enough on the table with my CM.TO, HOD.TO, and this.  My goal now is to move my stops to breakeven as soon as [...]

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