I already tried a couple of small scale shorts on the airlines and stopped out both times. This of course is the $64 million question -- when has an asset stopped going up in price (or stopped going down)? If I could answer that one reliably I'd be retired now. I agree that CAL and UAUA are looking toppy. But the irrational exuberance can go on for some time. I won't even fly on the damn things because I don't like getting treated like a terrorist. But obviously plenty of people don't mind going through scanners where some government goon can see them naked. I'd have more success as a trader if I could understand the mind of the average American consumer.