Well, I did say I was only halfway hedged. My reasoning is as follows: (a) airfares must increase in the near future due to finite cash reserves of the majors, (b) these increases must be sufficient to cover the cost increase, (c) the fare increases will more than cover WN's cost increase, which will be less than that of the other majors over the next few years due to fuel hedging, and (d) therefore WN's profits will increase as fares reach the necessary levels. Higher profits mean a higher stock price, obviously.

Because fares have remained at loss-generating levels for years, many people have forgotten that this is not sustainable. Kinda like the real estate bubble. There will be an adjustment to reality, and WN will benefit from it. April 22 was the first sign that WN was acting aggressively to raise fares, and that was the signal to move, IMHO.