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These past several weeks have been very reminiscent of the internet bubble period, where you could buy shares of anything with the words "tech" or ".com" in the name and you were virtually assured double digit gains week over week. Well, now with several Chinese equities, we're seeing day over day double digit gains from many Chinese ADRs.

A quick snapshot of some high fliers on Tuesday:

Baidu.com Inc (BIDU) +13%

KongZhong Corp (KONG)+15%

China Technology Development Group Corp (CTDC) +45%

China Finance Online Co Ltd (JRJC) +17%

Yingli Green Energy Holding Co Ltd (YGE) +13%

China Natural Resources Inc (CHNR) +75%

China Sunergy Co Ltd (CSUN) +16%

E House China Holdings Ltd (EJ) +13%

...and the list goes on. If you ran screens for these stocks for a one month check, you'd find that many have more than doubled.

Based on valuation and revenue growth, China is still considered to be THE value market of the BRIC four by many prominent investors and economists. However, before long, Vietnam, Columbia, and others could start to draw some of the speculative emerging market funds seeking 50%+ returns per year.

Given the massive runup in share prices in recent weeks, it would be prudent to take some money off the table. However, pulling out altogether could result in missing the investment opportunity of a lifetime. A good approach would be to continue to leave the speculative portion of your portfolio in SOLID Chinese stocks. This would include companies with some history, proven earnings, and you should be able to articulate what this company does.

If it's just a hot ticker than ran up 75% yesterday and you're jumping on for the ride, that's not even speculative investing...that's gambling.

Personally, I took 50% off the table in BIDU and FMCN last week following 130%+ returns, as well as some US stocks, but I still have a solid 40% of my taxable trading portfolio in international markets.

Disclosure: In Chinese equities, the author is long CHL (not listed here), FMCN and BIDU.

Source: China's On Fire: Still Time to Jump In?