Even if you’ve bought a stock for the long haul, it’s always nice to get some immediate gratification.

Tencent (TCEHY) delivered plenty of it this week with a record $2.7 billion second-quarter profit that blew past expectations. Mobile gaming revenue topped its PC game sales for the first time, led by the top global Honor of Kings game. Its chat and payments platform approached a billion monthly active users.

The stock jumped 6% on the news, and despite pulling back since is up 20% since my July 10 recommendation. With a market capitalization of $400 billion Tencent isn’t merely a momentum stock but a global bellwether approaching 7% weighting within the popular iShares MSCI Emerging Markets ETF (EEM), after accounting for the Tencent stake held by Naspers.     

In that weight class, huge buying volumes are required to sustain market momentum, and the experience of Facebook, Amazon and Apple suggests that big money does follow big winners.

But Tencent could be due for some consolidation, so I don’t want you adding on the first dip. So I’m lowering the buy limit to $37 for the near term while counting on much higher prices in the future.