What you are doing is speculation, not investing.
I don't know anything about speculation, but if you wanted to invest in UAL I would take a wait and see attitude.
A couple of years ago I use to fly United alot. And when I say alot, I mean a sh*tload. All business travel, all coach. I've flown United 4 times in the last 4 months and I notice a difference, and not for the better. They have the feel of a discount airline, but without the price break. When I fly on my own dollar I amost never fly United because it is just too expensive. Only time will tell if they can compete and consistently make money without cutting too many costly (and potentially dangerous) corners.
On the other hand, the United terminals are always full - people are flying more than ever. They will survive, but IMHO it is going to be a long haul.
2011 Suzuki GSXR750
2001 Suzuki GSXR600