They are just shaking out all of the computer sellers. After the drop in price two days ago, they had $300 million to spend, which amounts to approximately 8 million shares, they are almost done with the buyback. This stock is back in high 40's the day after the next quarterly results are announced. They are making big profits with unplanned gas price reductions and higher summer traffic. Also, knowing LUV, I am sure they are locking into low gas prices. This one is going much higher, but you may have to hold in there for 45-60 days. The fundamentals don't lie and the big brokerage houses know it, people are trading on emotion and forced trades right now.
It is all computerized and panic selling due to the large volume of share buyback that LUV is doing. People need to relax and hold onto shares because LUV is getting a huge discount on the buyback. Once they are done with their buyback, this stock will move up very quickly because demand will hold and supply will be much lower. This will also make LUV books look good because they will see stock valuation on their books rise. It is all positive feedback at that point. The institutions will want to buy, but there will be minimal shares available. Great time to buy and hold, it is going up and it will rise sharply. Good luck traders.