Basic correlations

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I'm not really sure what is is you're trying to do, but in terms of airlines, don't forget that these guy hedge a portion of it.

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to follow this digression, there was an interestign story in the nytimes about this today: An Airline Shrugs at Oil Prices

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All airlines should in fact due this. You could make the argument that SW should no longer be considered cyclical and, consequenly, warrant a mu;tiple premium over its competitors.