In an interesting twist typical of Wall Street, the oil stocks are rallying and the airline stocks are down after the Doha meeting over the weekend failed to reach a oil production freeze. The ironic part though is oil is still down slightly for the day as the move was bearish for the commodity. Is the move today a headache? Whether or not oil heads down back into the mid-$30s are irrelevant for the airlines. The news remains firmly planted that oil producers will pump full throttle as oil hits the mid-$40s and airlines will thrive in that pricing environment. Use any dips to buy airlines trading at insanely cheap multiples of 2017 earnings. American Airlines Group (AAL) - 6.4x Alaska Air Group (ALK) - 10.3x Delta Air Lines (DAL) - 6.6x Spirit Airlines (SAVE) - 11.0x Use any dips to buy a legacy airline like American Airlines or Delta Air Lines trading at exceptionally low P/E multiples and a regional airline like Alaska Air or Spirit Airlines trading below growth rates. Disclosure: Long AAL