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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