Dan Nathan's JetBlue Airways Trade

, Dan Nathan spoke about the 7.63 percent decline in

. He noticed that there was two times average daily options volume in the name on Monday and the most active were the December 14 call options, with 5,600 traded contracts. The traders were paying a premium of $0.15 for these. Nathan feels that the decline was really dramatic and he sees $11 as a good support level for the stock. He added that it would be the best to initiate a long position if the stock trades between $9.50 and $11. Implied volatility for

is in the bottom half of the range it traded in the last year and options look cheap, thinks Dan Nathan. He suggested that buying upside call options would be a good idea for traders who want to make a contrarian bet on

.