After a pullback recently for international stocks, the bulls are going global again.
optionMONSTER's Heat Seeker monitoring program has detected a series of upside trades in recent sessions as investors target Russia and Korea in particular. It started on Wednesday when the Market Vectors Russia ETF lit up with buying in the December 29 calls. The next day Russian Internet company Yandex saw buying in its December 38 calls, and Friday brought a call spread in the iShares MSCI South Korea Fund .
Russian steel maker Mechel and Brazilian airline Gol Linhas Aereas have also attracted bullish trades.
International stocks lagged the S&P 500 between mid-2011 and mid-2013 as European sovereigns grappled with debt problems and China slowed its economy. They started running higher over the summer but have lagged in the last month. In recent sessions they have begun to outperform again.
The China Large Cap ETF was the biggest mover overall on Friday, surging more than 4 percent after policymakers pledged to increase private investment. The FXI also saw heavy option action, with calls outnumbering puts by more than 2 to 1. Those puts that did trade were mostly sold , which is bullish as well. (See our Education section)
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