Market News

October 14, 2016  Fri 8:02 AM CT

Bullish traders are looking for JetBlue Airways to continue its recent momentum.

optionMONSTER's tracking program detected the purchase of more than 25,000 December 20 calls mostly for $0.43 to $0.45 yesterday. Volume was more than 5 times the open interest in the strike, which indicates that this is fresh buying.

Long calls lock in the price where investors can buy stock, allowing them to profit from a rally with limited capital at risk. Their cheap cost can also generate significant leverage on a percentage basis if shares move in the right direction. (See our Education section)

JBLU rose 2.53 percent to $18.22 yesterday and is up more than 3 percent in the last month. The discount airline's next quarterly report is scheduled for pre-market hours on Oct. 25.

Overall option volume in the name was 12 times greater than average yesterday. Calls outnumbered puts by a bullish 21-to-1 ratio.

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