JetBlue Grounded One Week Removed From Making All Time High

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.''JetBlue Airlines (NASDAQ: JBLU) shares are trading lower by $0.82 at $19.63 in Tuesday's session. Last week's carnage in the airline sector is finally taking its toll on the issue.While the other airline topped out in January, JetBlue continued to move higher reaching its all time high one week ago, when it peaked at $22.40. It had posted its all time closing high price the previous day at $21.83.By the week's end, it had flirted with the $20 level, reaching $20.03 on Wednesday before bouncing back to end Friday's session at $20.45. Despite a weak broad market, the issue open higher and rallied past Friday's high ($20.60), reaching $20.74 before reversing course. The ensuing decline has taken JetBlue well under $20, finding support at $19.31 before rebounding to it current level. That marks the lowest level for the issue, since it bottomed on April 28 at $18,97, enroute to its all time high.JetBlue's all time high was made on the exact same day as executives in the airline industry made concerning comments regarding capacity guidance at the Wolfe Transportation conference.