Looking through the industry lists, it seems that Transportation has moved the best, up some 2.96 percent. JetBlue Airways (JBLU) similarly bubbled to the top of that list, up some 8.65 percent. While it is uncertain how long this will continue, this wasn’t just for today, last Tuesday began the current spurt (see chart).

Of course the question is why. On the one hand there is the question for the whole industry sector, but in this case JetBlue in particular. As with Con-Way, most of JetBlue is institutionally owned, some 400 banks, insurance companies, and mutual funds hold some 94 percent of the shares. Incidentally, it might be interesting to fully scrutinize those statistics because Dow Jones also says that 7 percent is owned by insiders, which is a little over 100 percent.

Quantum Industrial Partners and Weston Presidio Capital are included in the "insiders" list. Quantum is an investment vehicle for George Soros. Michael Lazarus is the Weston Presidio Capital person. Soros and his people made something like $10.5 million today, and Lazarus’s company only made something like $3 million. Not bad for a days work.

What could spur that result? Well, it wasn’t the quarterly report for December. JetBlue had made 9 cents per share that quarter a year before, but was 2 cents in the hole this last quarter. It earned 12 cents, to the good the previous two quarters (and 12 cent loss last March). Earnings were down, revenues down, salaries up, fuel costs up, and maintenance costs up. Not exactly the news to hear in order to lead the parade for the big sector move.

Out of the 15 analysts the WSJ summarized, 3 said underperform, 8 said hold, and 2 each said buy or strong buy. Standard & Poors is one of those that said 4 stars (Buy) and Reuters was one of those that said Underperform. The recent news says that there are some new routes opening: Puerto Rico, and Chicago/New Orleans nonstops. Aer Lingus is now linking flights in their new partnership. International Stock Targets is pitching, for subscription, news of "new prospects." Perhaps it has something, in part, with Lufthansa’s earlier investments. Frankly, I think the biggest part has to do with the recent reductions in the price of oil.