Delta shares have gone squirrelly following the announcement last week that the airline would prohibit third-party ticket vendors from displaying their flight schedules and fares. Is this good for the company? My gut feeling, shared by more than a few analysts, is that the carrier has shot itself in the foot. In any event, I expect the stock to fall at least to the 40.98 pivot shown, and possibly all the way to its ‘D’ sibling at 38.65. If the lower number is reached, that would amount to a 24% decline from the all-time high at 51.06 achieved back in January. Even at that, the move would look merely corrective on the monthly chart. However, if 38.65 were to be decisively exceeded, it would be evidence of a bear market in its adolescence. _______ UPDATE (June 1, 9:38 p.m. EDT): The stock shot higher yesterday, fattening any opportunity we might have to short this little piggy. We’ll give bulls wide berth for now while they work their magic.
