I think the international market -- primarily TATL -- will see incredible change beginning next year with the advent of the new open skies agreement. The legacy carriers' fat fares across the Atlantic are about to get completely creamed by EasyJet, Ryan Air, and every AirYak that Europe can put in the air. Imagine the potential success of a new airline based in, say, Poland which pays salaries that are half of those in the U.S., and also has no retiree or health care costs.

I wouldn't invest in airline stocks. I'd rather do something safer with my money, like buying lottery tickets...