My long-time and still favorite media stock, Central European Media Enterprises (CETV), reported much better than expected 1Q08 results this morning. Even better 2008 guidance is way above most analyst estimates (though not far off my own numbers). I’ll be back with more after the conference call but the shares are deservedly trading up 9% in this morning. Plenty more upside exists to at least $130 on 2008 results. Cramer is going to be real happy he recommended CETV on Mad Money two weeks ago. I am also happy that I’ve learned to ignore the very high daily volatility in CETV shares and keep my eye on the big picture.