Global markets have continued to bounce strongly over the past few days, with the S&P 500 up 8.4% just since Aug. 22.
Arcos Dorados Holdings Inc. Cla (ARCO) has done even better, soaring 15.29% over that same time period.
With the stock going parabolic, and with global markets now approaching short-term overbought conditions, I am recommending that you sell ARCO to lock in your gains.
I am also recommending that you sell your Arco February 2012 $30 calls to book some quick 140% gains — your 13th double-digit percentage gainer in Bull Market Alert in 2011.
I am also recommending that you close out your position in ProShares Ultra S&P500 (SSO) — a position you’ve held since only Aug. 15 — for a quick 5.74% gain as well.