NEW YORK ( TheStreet) -- When shares of FedEx ( FDX) reached a high of $118 more than a week ago, I reached for my wallet to check how much money I had. No, I wasn't thinking about buying the stock. I needed some proof the full-blown economic recovery, on which this stock is trading, was actually real.If we can look beyond the shutting down of our government, there are indeed meaningful signs of fiscal progress here in the U.S. But that's not necessarily the case for other FedEx markets like Europe, Asia and Latin America. Given that the stock now trades at the pre-global-recession highs of 2006, it's time to approach with caution and ship some FedEx shares out of your portfolio. Now, I won't deny that in the company's more recent earnings report FedEx did exactly what it had to do to deliver on both the top and bottom lines. But I'm not willing to overlook that although revenue advanced 2% year over year to $11 billion, this is still a company in transition and have instituted strict cost-cutting measures.