The iShares MCSI Mexico Fund (EWW) rose $2.01 to $33.51 Tuesday and 12,000 calls traded on the exchange-traded fund, compared to 2,620 puts. The top two trades of the day printed at 12:30 ET on the CBOE when 2,500 December 34 calls traded on the offer for $2.75 and 2,500 of the 40s mid market for 70 cents. The trade was repeated two more times until volume in both contracts rose to more than 5,000 (compared to open interest of 97 in the 34s and 940 in the 40 calls). The activity looks like bullish spread trading, where the strategist bought the strike price the nearest to the current share price and sold the same number of 40s. In this case, the strategist paid $2.05 for a potential payoff of $3.95 (excluding commissions) if the Mexican fund andares up to $40 or more by December options expiration (45 days).