One of the bigger issues associated with this Buffet announcement is the pressure on institutions and money managers.   While retail investors don't mind taking a punt on an airline, it is different for pros.   With Buffet a big bettor on airlines, that provided cover for managers to clients asking why be long such a volatile industry.   Now, money managers don't have the Buffet cover .   If things recover strongly, and airlines outperform, the clients will be pleased .  However, if Buffet's concern for next 2-3 years comes to pass, and the equity value plummets to optionality pricing, clients will rightly ask, "why did you hang on when Buffet was selling?"   The latter can cause job loss.  This may not cause institutions to go to zero, but it may create a desire to trim positions and cause a near term buyers strike.  Either way, with AC trading up 105 percent from the low a few weeks ago, the incentive for near term Buyers to lock in profits has never been higher.   

The market is part fundamentals, part technicals and part sentiment, with the last part the toughest to gauge .    Good luck.