Also, it used to be a fairly well-understood truism that when the price of crude oil rose, airline stocks would fall, and vice versa. But that relationship seems to have disappeared since the 2009 market bottom, see chart below.
The lower inset shows the rolling 1-year correlation between the NYSE Global Airlines Index and crude oil. If anything, airline stocks and crude oil have more of a positive relationship since 2009. Not sure why this would be the case. Odd.