A play on the ‘ash’ scenario

  Here’s an idea for some of you who are qualified to sell naked puts.  With the threat of  the inhibition of air travel, there could well be pressure on Boeing’s stock (BA).  Now if you think this is an end of the world story, you could short the stock.  I guess you could short if  you were nimble or willing to be satisfied with a small quick gain, but that’s not me.  If you believe that there will be a reaction that says something like, the lack of air traffic will pressure the airlines, who will in turn order or cancel plane deliveries, therefore BA will fall, but you think that this will resolve itself by summer when air traffic picks up, then you might want to sell a put or two on BA.

Maybe some kind of a pairs trade - short the European airlines trading here - British Aerospace, Lufthansa and Air France and long US based airlines