After the Continental Airlines, Inc. (NYSE:CAL) merger announcement with UAL Corporation (NASDAQ: UAUA), something interesting happened in the sector. Suddenly the valuations seemed too high. Then the shares started selling off, then the bloodbath in the market only made things worse. We took a look at the ETF called the Claymore/NYSE Arca Airline (NYSE: FAA) and then some other airline components such as AMR Corporation (NYSE: AMR), Delta Air Lines Inc. (NYSE: DAL), Southwest Airlines Company (NYSE: LUV) and JetBlue Airways Corporation (NASDAQ: JBLU).