JBLU (Jet Blue) trending back down to support. Put option play

Jet Blue has been oscillating in 2-3 month intervals since July of 2018. It's currently on a downward trend, going toward a support level of about $15.20. With the March 15, 2019 $16 PUT options trading between $.10 - $.15, there is a potential to make 3 times the current price by the option expiration date. If JBLU breaks through support, we could see the price go below $15, and the March 15 $16 put option priced at a dollar or more upon expiration.

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No news will be good news for this stock and put option. The market does not seem to be very interested in this stock, even with the announcement that JBLU might begin flying to Europe later in the year. Bad news will accelerate this decline, but the steady downward glide will hopefully put the March 15, $16 put option close to 50 cents in the money by expiration. Said put option is currently trading between 15 and 20 cents, barely out of the money, with 1 week left before expiration.

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Due to the tragic crash of Ethiopian Airlines 737 Max 8, it being the 2nd crash of the aircraft within the past 6 months, investors are apparently moving their money away from 737 Max heavy fleets like Southwest, and steering toward airlines with NO 737s, like Jet Blue. Jet Blue had a sharp turnaround this morning. This could be a brief boost in the stock or it could keep the stock afloat for just awhile, depending on how well this story is covered in the news.