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

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.

Related posts:

1. Bought 3 CM.TO 10Oct Puts @ 5.00, Mark $74.02
2. Bought 3 ABX 10OCT Puts 46.00 @ 4.00, Mark $44.67
3. Bought 4 MFC 10OCT Puts 17.00 @ $1.48, Mark $16.38
4. Sold 6 CM 10OCT Put 74.00 @ 6.60 Mark $70.70, +8.0%
5. Bought 3 PAA.TO 10DEC Puts 25.00 @ $2.27, Mark $24.75