The poem looks at gamecocks, the "gallitos" of the title, and the blood sport built around them. It opens by dressing the birds in a jester's motley coat, and says that, like fools in old stories, they tell the truth. That is a strange claim to make about animals bred to fight, and it hangs over everything that follows.
The images shift between tenderness and violence. A bird gripping your finger is compared to a terrified fiancé, which makes the animal seem nervous and almost human. Then the scene moves to the palenque in Ixmiquilpan, where the birds clash, and a crowd is invited to place bets. The fighting ring is a "star-crossed box drawn with lime," a phrase that hints at fate and doomed love.
The speaker seems watchful rather than openly judging. The mood is tense, ironic and a little sad. The closing question, "what luck will they reveal?", suggests that the fight shows something about chance, and perhaps about the people betting.