CM. Canadian Imperial Bank of Commerce.

cm aug 7 2011

If there is any bank in Canada that has made a public display of incompetence, is particularly prone to nepotism and is totally a-moral if not immoral, it is the Bank of Commerce. All over Canada we still have their offices like little fortresses in local communities, and of course, HQ in downtown Toronto was , for decades, the tallest building in the British Empire.  They have not been able to shed this mindset and it has cost them big time.

To get to the point, this chart “predicts” in EW terms that the stock may well drop to the 4th wave of previous degree, no different than your daughter getting married at age 27, not that I know here , but that is what 95% of them just happen to do. That is at about $22 As one truly silly investment advisor on BNN said today, “It is not timing the market, but time in the market that counts” .Clearly this guy has never put a foot on a trading floor of any financial institution, preferring to dream on in some sort of moronic isolation. Another $5 and you will have made NOTHING on this stock over a 14 year period, except the dividend! See previous blogs.