With consumer spending on air travel up nearly 5 percent and airlines charging for everything from pretzels to carry-on bags, some investors are bullish on the sector. Delta, Southwest, United Airlines and JetBlue are the big four airlines that control 90 percent of the airline market.
"We own most of the major airlines," Dinan said. "Everybody that's been on a plane know the seats are packed. In this growing economy, airline seats are becoming a scarce resource. These companies are being run more like businesses as opposed to airlines. We think these companies are attractively priced and are going continue to do well as we look out."
"United is going to do extremely well," added optionMonster.com co-founder and "Fast Money" trader Jon Najarian. "I think this one will outperform next year with the American-US Air consolidation and that will help boost prices across the board in virtually every market."
(Read more: AAA forecasts holiday travel increase)