JetBlue Selling Panic Presents Opportunity

My bullish piece on JetBlue (JBLU) back near the end of May has not fared too well. Since the article, the shares have retreated an additional 25% to hit fresh multi-year lows. The culprit was most likely an additional 7% rise in crude. I was definitely "out to lunch" on this call, but not all is lost, as positive developments could be near.

Legacy Carrier decimation: JBLU's relative strength is higher than its peers. Its 25% plunge the past three months is low compared to United's (UAUA) 85% drop, American's (AMR) 50% slashing and Delta's (DAL) 48% drubbing. The entire sector is extremely oversold and at least due for some kind of "dead cat bounce".