Whilst the main market saw further weakness, the airline stocks similarly opened lower, but saw very sharp reversals in the morning. Delta Air Lines (DAL) and United Continental (UAL) closed significantly above their opening lows, settling -1.2% and +2.4% respectively.
*it is notable that the transports index only closed lower today by -0.1%.. and is indicative of the even stronger reversal in many of the airline stocks.
As ever, UAL is more the volatile stock, and the closing daily candle was a pretty bullish one. Even though DAL closed net lower on the day, it was still a classic hollow red reversal candle.
*if you agree that the sp'2100s are viable later this year/early 2015, then both DAL and UAL look set for the big $50 level. That will of course require Oil prices to remain 'reasonable'.. arguably no higher than $120.