I guess...Time for Profit taking.....September low coming...

At the open: CIBC pummelled
David Berman

Investors loved Bank of Montreal’s financial results on Tuesday,
driving the shares higher. On Wednesday, Canadian Imperial Bank of
Commerce, received the opposite treatment.


After the bank reported its fiscal third-quarter results, investors
drove the shares down 9 per cent at the start of trading. Yes, the
dividend remained intact. As for net earnings, they rose fivefold, to
$434-million.


However, there may be concern about the bank’s decision to set aside
$547-million for bad loans – double last year’s amount and
representing a stark contrast to BMO’s decline in bad-loan
provisions.


Other bank stocks fell, though nowhere near as severely. Royal Bank of
Canada fell 1.3 per cent and BMO fell 0.4 per cent.


As a result, the S&P/TSX composite index fell 60 points or 0.6 per
cent, to 10,860.