That’s what Goldman Sachs analyst Robert Barry called the airline sector today in a research note.

He wrote that  increasing supply of available airplane seats, continued fuel-price pressure and a tough pricing market together make “most [airline] stocks look like dead money.”

Even with their recent pullback amid anxiety about weakening domestic results, Barry wrote that he doesn’t see many positive catalysts for airline industry stocks.

He also downgraded Continental stock to “Neutral” from “Buy” on valuation and said he’s enthusiastic only about shares of Delta Air Lines. In the longer term, he said JetBlue also is a “Buy.”

Ticker: (NYSE: DAL); (Nasdaq:JBLU); (NYSE:CAL)