iShares Emerging Market Fund (EEM) has seen two days of bearish spread trading. Thursday, large spread traders focused on the September 23 – 28 put spread along with short Sep 36 calls. Today, the activity was similar but in different strikes, with a strategist buying 15000 Sep 23 – 29 put spreads while selling 15000 Sep 37 calls. The activity late in the day seems a bit more bullish, however, as two blocks of almost 40K July 39 calls traded for 13 and 14 cents on the ISE, which are opening customer call buys, according to sentiment data. EEM is up 26 cents to $33.