The key for Delta Air Lines (DAL) going into the Fall is whether the PRASM figure would return to the positive side of the ledger. The market overly stresses on this number justifying the low stock prices based on negative revenue metrics highly impacted by oil. The highly negative Q3 trend is what pushed the stock down below $34. The September traffic report shows that PRASM improved to only (3)%. The August PRASM was a horrible (9.5)% in part impacted by the computer outage. The airline continues to cut capacity for the Fall and as the oil prices lapse the lows, the fares should see a YoY boost sometime soon. This is definitely a catalyst for the stock and the sector going forward. Even at $40 today, Delta trades far below the highs to start the year. The stock is likely to hit new highs when PRASM turns positive. $DAL, Delta Air Lines, Inc. / 1440 Disclosure: No position