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My indicators are giving bullish readings this week, an upgrade from last week’s strong bearish readings, as the market made a major reversal to the upside on Wednesday. Now, on the bearish side of things, it was reported last night that President Donald Trump is considering another $100 billion in additional tariffs against China. That news sent futures down sharply overnight, and that’s carried through into the morning.

Even in a volatile market, I’m always looking to find bargains. And traders looking for value in this market should keep in mind that the recent declines in the Japanese and Chinese markets have been much more severe than what we have seen in the U.S.

The iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA:FXI) is getting hit hard again this morning, but it could be a candidate for a rebound rally eventually. So, today I’m recommending FXI for one of my favorite contrarian bullish strategies, the naked put write:

Sell to open the FXI Apr. 27th $44 put at about $0.33.

This position allows us to collect a good premium for a strike that’s pretty far away from where the ETF is trading. As long as FXI shares remain above our $44 strike price through expiration, we’ll walk away with full profits. Since this is an ETF, it moves slower than an individual stock, which is ideal for put writes.

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Ken Trester is editor of the popular Maximum Options program. Trester has been trading options since the first exchanges opened in 1973 with a winning streak that goes back to 1984 with money-doubling average annual profits since 1990.