Jim,
I've got family involvement in DJ as well as QAN shares from way back.
Not happy with both, but at at least DJ hasn't yet shed jobs and it looks pretty good with its single aisles at current fuel prices unless demand vanishes. As an item on Business Spectator pointed out some time back, and I quoted on this board, the QF and JQ experience is driving the punters onto DJ flights at the moment. I don't like the V Aus plan, it is too late and they will get mangled unless they shift the jets to routes other than SYD to LAX.
DJ's big crime is existing. QF has screwed around with its engineering and general standards as people have made very clear on this board especially in looking after their engineering and it is a crying shame. But DJ are backed into a corner and I can't see them growing nearly fast enough to benefit from QF's mistakes.
The thing about the ASX at the moment is that people are going for cash. Margin lending is dead. Valuations are not rational when there is forward economic uncertainty and some people's assets are suddenly worth a lot less than their debts. So they have to feed that debt by flogging anything they can, or opt for bankruptcy. My pet theory is that the up and down surge in sentiment as the blokes in suits call it is just being orchestrated through spin campaigns to generate as many broking fees going up and coming down as possible in a short time before the whole shebang falls in a stinking heap.
Gees I hope I'm wrong.