Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of JetBlue (Nasdaq: JBLU) soared more than 10% in intraday trading in large measure due to outstanding earnings reports from Delta Air Lines (NYSE: DAL) and US Airways (NYSE: LCC). American Airlines parent AMR Corp. (NYSE: AMR) rose more than 12% after booking its first quarterly profit in two years.

So What: Media reports are characterizing JetBlue's rise as a sympathy rally. I think that's right. AMR and its legacy peers may be looking better, but fuel prices could reverse themselves at any time and put pressure on the industry once more.

Now What: Investors are rightly enthusiastic about AMR's turnabout, but we won't know whether JetBlue deserves today's rally till tomorrow, when it joins United Continental Holdings (NYSE: UAL) and Southwest Airlines (NYSE: LUV) in reporting earnings. It'll also be our first chance to check the progress of Southwest's merger with AirTran Holdings (NYSE: AAI). Be sure to check back here for our coverage of these events.

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Fool contributor Tim Beyersis a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. The Motley Fool is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.