By Pete Najarian, co-founder of OptionMonster

NEW YORK ( OptionMonster) -- The Russians are coming -- again.

The Market Vectors Russia ETF ( RSX) enjoyed a nice run in 2009 and 2010, and bulls are looking for more strength in 2011.

OptionMonster's tracking systems last week lit up with active buying in 8,000 January 38 calls for about 70 cents so institutional traders were definitely looking for a solid start to the year.

Then on Monday, the Russian fund powered through that $38 level to prices not seen since September 2008, ending the session up 1.66% to $38.54. That landed those January 38 calls in the money with premiums of $1 to $1.20.

As the fund's prices lifted like vodka glasses on New Year's Day, buyers came back for more calls. This time they were in the January 37s for $1.90 and the January 39s for 50 cents to 60 cents.

More than 12,000 contracts traded in the ETF Monday, compared with the average volume of about 5,000 a day. Of that amount, barely 400 were puts, so it was definitely a bullish session overall.

Najarian owns RSX shares.
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