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By David Russell

One investor thinks that emerging markets are ready for a comeback.

optionMONSTER's Heat Seeker tracking program detected the purchase of 100,000 January 42 calls on the iShares MSCI Emerging Markets Index fund (NYSEARCA:EEM) for $2.35. An equal number of January 47 calls were sold for $0.65, and volume was more than triple open interest in both strikes.

The trade cost $1.70, and has the potential to earn 194 percent if the fund closes at or above $47 on expiration. It took place in two giants blocks during the last 10 minutes of trading, making it by far the largest transactions in yesterday's session.

EEM closed down 0.28 percent to $39.88. It's been lagging the broader market all year as investors worry about inflationary pressures in countries such as China and Brazil. But some of those concerns may be abating now -- especially after Brazil cut its interest rate two weeks ago.

Overall options volume in the fund was more than twice the average amount in the session, according to Heat Seeker.