WRT to stock prices... yesterday CAL reported traffic and capacity growth YOY, and RASM was only down around 5%. The big, big number is RASM. It's been down as much as almost 20% for some carriers, at some point during the year. They (CAL) are the only major to report RASM, to my knowledge, but they also are usually the first to report.

UAL reported flat traffic YOY. Flat is good, right now.