Revisiting the Oil Thesis; Chess Moves

I had success shorting major airlines earlier this year under the theory oil would stabilize soon and impact them negatively. In fact, what happened was that oil keep falling, but the airlines fell anyway. Currently, oil is snapping back hard today for a likely bear market short squeeze rally. Major airlines are getting hit, too, even as the broad market bounces. Thus, I went short UAL at $70.45 with a cover-stop over $74. This is a 4% position. Back with some more details in a bit. UPDATE: Also went short $LUV $45.37. Details to come.