Where your short entry?
I am long CAL (currently looking at ~$15),
as well as JBLU and UAUA.
Techical long entries, I am not buying-and-holding,
but I am playing those 3 stocks only on the long
side.
imho:
* CAL' s P/E looks good, there is value at these prices.
* the sector has been in a bear market for
a very long time (around ~10yrs?); whoever is still
around after 9/11, ~$150 oil, +creditcrisis,
will probably make it.
A practical rule of thumb:
You need so many trades that when you remove
your largest win or loss your expectancy does not
change more than x%. Pick your x to be at most 5.