Have Ebola fears made this sector a major buy?

Airline stocks are taking off.

After getting pummeled on Ebola fears, the NYSE Arca Airlines Index, or XAL, is up more than 8 percent in the past five trading sessions.

The rally comes ahead of a big week for the sector as JetBlue, Southwest, American, United Continental and Alaska air are set to release earnings Oct. 23. Delta reported better-than-expected earnings last week.

(Read: US airlines raise base fares on domestic flights)

So, is this a dead cat bounce or the start of something bigger?

"One of the problems with this index and sector is that you have these outlier events that consistently punish the stocks. Whether it's Ebola, SARS, terrorist attacks or crashes these stocks get pounded on events that the industry cannot control," said The Oxford Club's Marc Lichtenfeld.

(Read: Cramer: Ebola no reason to sell)

In addition to the aforementioned uncontrollable events, Lichtenfeld said the economy and general customer dissatisfaction are reason enough to stay away from the XAL.

As far as the XAL's charts are concerned, Ari Wald of Oppenheimer said the airlines are a buy.

"The longer-term picture really tells the story," Waldsaid. "The index was really beaten up for much of the beginning of the decade and really didn't do much up until the last two years where we had this major breakout above 10-year resistance."

The breakout, according to Wald, comes in perfectly in the $68 to $70 range, an area which will now hold as support. "Buy the airlines on a pullback to that range."

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