i have the fxi here.s absolutely on fire on the verge of making a major breakout this is something you look at. you have a way of looking at it. you always seen major options activity on it. explain it to us, bullish call spread for the fxi. >> sure. well, charles, you're so right, especially in times of uncertainty options become a go-to financial product and people and large institutions that trade you just showed is probably a very large institution, they bought 57,000 calls in the fxi. now every option is for 100 shares. so you got to put two zeros on the end of that 57,000. that is 5.7 million shares of the fxi. that's a big trade in anybody's book, i don't care if you're icahn, blackstone, whoever. you're putting a lot of money on black basically. charles: that's right. >> you're deep in the black today, charles. those calls are rocketing higher as so many of those chinese stocks you described from xpev on the e side, on the ev side to baba, all of those stocks were just double-digit gainers today.

visit findyourindependentadvisor.com >>> welcome back to "fast money" fxi, the china large cap etf jumpingday you have been in in it what did you do today >> i have been in it a long time what we thought was a capitulation a few weeks ago, bought the december call, and it's a double here i think guy has had this call here hail baa baa is one way to do it i think there's more room to the upside this is just the first leg. >> what do you make of this? >> the reversal is a function of way oversold conditions. if you think about what we went through the last couple weeks of not just the china lockdowns but some of the pressure, again, around baa baa and ten cent. i think these have been great trading ranges dan's playing it as a trader we don't know what mother -- excuse me, china is going to do. i have been preferring to play it across the eem, and in fact i was doing it through levered -- a levered three times remerging because i thought we got to oversold dynamics. >> there's a three times eem >> it's three times eem. >> deep end of the pool here. >> dance by the door here. i hate three tim

the fxi, big china etf is up 29% just this month. talk about are hedge funds turning bullish on china >> the sentiment tied to china really hinges on what investor, who investor, you talk to. and what they are focused on overall is the reopening and whether it's really picking up pace after cutting its quarantine requirement from seven to five days, online travel from trip.com says it's seen 136% jump in flight searches to china from the u.s signs of a gradual reopening, but not a total abandonment of his zero covid policy, and that's why wall street remains less bullish right now joyce chang calling yesterday's boyd/xi meeting constructive, still, lowering gdp estimates. marc lasry of avenue capital telling me it's too early to invest in china. there's the latest 13f filings, ending september 30th, which reveals a number of prominent hedge funds reducing their exposure to the country. coatue reducing its stake in jd.com by 56%. while bridgewater cut a stake in baidu by 20% there were some buyers, coatue increasing its shares in alib

chinese-related etfs getting a lift as well there's the k web etf up 6% and then china's large cap fxi up 5% with names like jd.com, alibaba, pin duo duo. steel, copper, emerging markets all higher as well how much exposure to china should investors have and how much is too much joining us is patrick shibanek economic adviser at silver crest asset management patrick, good afternoon. >> good afternoon. >> so the resilience we're seeing in chinese tech today and yesterday despite the growing protests on the mainland, does that tell you investors are looking past the protests and are sort of banking on a reopening in the economy >> well, they've been hoping for that for some time i think one of the reasons you have a lot of people rooting for a comeback in china is that china's an important part of many indices, many global indices. and so you know, investors have to justify why they are under weight on china if that's what they are so they'd like to see china come back but china's death with a whole host of issues that go well beyond the protests over covid that raise some real risk fact