I'm not normally a sector player, but it's hard to imagine how airlines and companies like FedEx can't see an improved balance sheet with fuel prices plunging. A lot (if not all) of them hedge fuel prices with long-term contracts, I know, but it's a new year. Trouble is, a lot of people have probably figured all that out about six months ago.
I put my toe in the water anyway with iShares' Transportation Average ETF (IYT). We'll see where it goes. It holds FedEx and UPS along with several railroads and UAL, among others.