MELI has run into earnings similar to in Q1 when the stock got smashed after reporting less then hoped for by the market. MELI reported a decent Q considering the economy and the currency hits. Regardless, the expectations always seem to be very high on this stock. This run seems similar and probably is overextended considering the likelihood that MELI will deliver a solid Q, but nothing earth shattering leaving the stock to possibly fall again. Unlikely as dramatic as the loss after Q1 that hit 20% intra-day.
If I was a better options trader, I'd likely just buy some puts for protection. For now, I'm just closing my position and looking for a better entry point. Any drop like last time will be bought.