Some friends and I were having these same discussions earlier today, mainly regarding IATA's projections of multi-billion-dollar losses for the airline industry over the next few quarters.

Initially, I questioned how AMR, UAL, LUV, etc. could even open on Monday morning without a huge gap down. But then I got to thinking: those three, DAL, and one or two others can sustain a period of large losses. They are big enough and strong enough; in fact, the federal government would likely take action to ensure that they remain in business. Therefore, a large gap down could present a buying opportunity at some point in the coming days/weeks, although it's clearly a long-term investment.

The little guys are the ones that will get hosed. Midway is the beginning. What about America West, Midwest Express, Vanguard, Alaska, and some of the other regional carriers? They might not survive, and that puts the largest 3-4 airlines at even more of an advantage as competition decreases.