Traders are piling into this international stock market that just pulled ahead of the Nasdaq

* Brazilian stocks rally as EWZ rises 12% from lows * Options volume surges 6x average with call buying dominating * Implied volatility rises, traders favor premium-selling strategies Brazilian equities rebound from a six-month selloff. EWZ, up 12% from recent lows, leads with a 19% YTD gain, outpacing Nasdaq-100. Surging commodity prices and October election optimism fuel the move. Options activity exploded to six times the 30-day average, with 420k contracts traded-mostly calls. Call volume hit 400k vs. 30k puts, $48M of $50M premium in calls. Top 20 trades were all calls. Rising implied volatility (0.28?0.39) suggests traders sell premium betting on volatility contraction.