Bulls want to go places with Ctrip.com

optionMONSTER

The bulls keep coming back to Chinese Internet companies.

They're the fifth strongest of more than 100 industry groupings on our researchLAB market scanner in the last month as earnings improve and investors find value in a set of former high-fliers that lost favor two years ago.

Yesterday's attention focused on Sohu.com , which runs a range of websites tied to gaming, media, and search. Today they're turning to online travel agency Ctrip.com.

optionMONSTER's Heat Seeker shows the purchase of 2,500 September 35 calls for $1.61 and the sale of an equal number of September 40 calls for $0.61. There was barely any open interest at either strike before the trade appeared, so this is clearly new activity.

Known as a bullish call spread , the trade cost $1 and will earn a maximum profit of 400 percent on a move to $40 by late summer. It was the same strategy and expiration month used in SOHU yesterday (See our Education section)

CTRP is up 1.45 percent to $31.41 in morning trading, and is up 35 percent in the last month. Most of that move followed a strong earnings report on May 8.

Total option volume is quadruple the daily average so far today, according to the Heat Seeker. Calls outnumber puts by more than 800 to 1.

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