With our options up 76.09%, it’s a good time to take some profits off the table. Sell half of your options (VIQ-GT) here, but hold on to the stock for more gains.
Also, our Brazil-based China play — mining giant CVRD (RIO) — announced record profits last night after the market closed. CVRD recorded an 86.9% rise in net profits in the first quarter of 2007, driven by the strong performance of its new Canadian nickel unit Inco Ltd. Profits totaled a record $2.22 billion, up from $1.19 billion a year ago.
With other mining stocks up overnight in Asia, and CVRD up in pre-market trading, let’s sell half of our options (RIO-FH) here for a 56.86% gain.
After four strong weeks, many global markets sold off in the first half of this week. European markets, however, continue to perform strongly. The Swedish ETF (EWD) advanced 1.6% over the week and is now up 14.73% since our initial recommendation. Latin American cell phone giant America Movil (AMX) is up 8.32% and U.K.-based holding Tesco (TSCDY) is showing a solid 8.96% profit during the last six weeks.
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