MercadoLibre – We talked about this one on Fast Money right before numbers

By Emerging Money>,

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We talked about this one on Fast Money right before numbers as we discussed other frothy internet names in our old tech vs. new tech discussion.

[caption id="attachment_52257" align="alignright" width="220"] Meet the eBay of Latin America Meet the eBay of Latin America[/caption]

My call was you can't own these into numbers with both the valuation and the charts where they were.

This was the right call - they missed and the stock dropped 20% over a few sessions (24% overall from the highs) before settling down.

Technically the stock now looks interesting to own with a stop around $100.  Remember with a name like MercadoLibre ( MELI , quote )  you have to set a slightly wider stop, even on a tight stop, due to the inherent volatility in this name.

The stock is clinging to the 50 day moving average here after a few days of testing.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Stocks
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