The German stock market performed well yesterday, and U.S. traders followed up with upside option activity in the iShares MSCI Germany Index exchange-traded fund.
Several large blocks were bought in the October 21 calls for $0.25 and $0.35, according to OptionMonster's real-time tracking systems. Activity at that strike did not begin until the final hour of the session, when more than 9,000 of the options changed hands.
Under pressure from the Eurozone's debt crisis, the German ETF is down about 30 percent in the last three months and has been bouncing along its 52-week lows. But yesterday it rallied 3.61 percent to $18.39 and closed near the session's highs.
For the calls purchased yesterday to turn a profit, the fund's shares would need to gain roughly 16 percent by expiration on Oct. 21. Overall more than 12,000 calls traded versus fewer than 1,200 puts in the ETF, a further reflection of yesterday's bullishness.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of .