One of today's best performing sectors is the Airline Index (XAL.X) up 4.13%. This strikes me as a bit odd, since pilots at Delta's commuter airline, Comair, went on strike. I wouldn't expect this news to send airline stocks into a tailspin, but I also wouldn't expect it to make them one of the best performing sectors.
Airline Index Chart - 60-minute interval
I think the chart better explains the situation that the news. XAL, like every other index, got oversold during the selling barrage. It has now rallied up to a previous high\retracement bracket, but is consolidating. I've seen this pattern on a lot of the 60-minute charts I've looked at today. Some have a steeper decline and recovery looking like a head and shoulders bottom. Others have a more rounded bottom and look like a cup and handle formation. Some are just a "V" bottom, but whatever you want to call them they all look like some type of short-term bottoming pattern. The only problem is breaking out of the pattern on decent volume. Without that it could just be another failed pattern breakout.