RE: Close $73.25 !I think CM can very well be a takeover candidate and the price would be over $100. Manulife would do it for sure.
This takeover potential gives CM added attractiveness as you know "talk" of mergers and takeovers cycle around every so often. there will be a time in the not-too-distant future where CM will pop on such talk.
The strong move today was due to index re-balancing. Many index funds were caught owning too little CM. Then in order to re-balance the market market kinda screwed them. For sure, the mistake in not buying enough meant that there would have been some buying pressure. But the pop was more to do with "screwage" by the pro.
CM likely to open down around $71 tomorrow, though I still believe the bank will make move to $80. I am expecting ongoing earnings excluding writedowns to be very reasonable in Q1 - probably around $2.00/share.