It now faces several significant points of resistance: 1) back testing the channel that it previously broke down out of in mid-November, 2) the $100 previous gap and psychological level, 3) the descending formed by the previous two peaks, 4) the backtesting the longstanding , and 5) the having returned to the level (53) where CVS previously peaked in late-Oct. General market also appears heavy - the S&P 500 is down 0.75% today, following a retest of its 200 day MA.
Bought some Feb '16 $95 puts @ $2.05/contract. CVS shares were last trading at $98.51. First target is between $94 & 95.5. Allowing a maximum of 20 trading days for this trade, with a stop loss just above $100.
12/28/2015 - 11:21am EST