By Mike Yamamoto of  OptionMonster

NEW YORK -- Traders are looking for JetBlue (JBLU - Get Report) to take off. 

More than 16,000 January 13 calls were purchased for 58 cents to 70 cents on Wednesday, according to OptionMonster's Heat Seeker tracking system. The volume was far above the strike's previous open interest of 2,213 contracts, showing that this is fresh buying. The action was cited by OptionMonster co-founder Jon "DRJ" Najarian on CNBC's "Halftime Report" on Wednesday. 

These long calls lock in the price where the stock can be purchased through mid-January no matter how far it might climb. They could be sold earlier at a profit if premiums rise with a rally before then, providing potentially significant leverage, but the contracts will expire worthless if shares remain below $13. 

JBLU was off 0.12% to close at $12.12 Wednesday after climbing to $12.30 earlier in the session. The discount airline has recovered all of its losses from the market's mid-October selloff and is not far from its 52-week high of $12.83 reached in August. 

Total option volume in the name topped 22,000 contracts Wednesday, more than triple its daily average for the last month. Overall calls outnumbered puts by 22 to 1. 

Najarian is long JBLU.


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