Boeing Co.  (BA) has been under intense pressure over the past month.

After selling off like the rest of the broader market in early February, Boeing went on to hit new all-time highs just a few weeks ago. Topping out near $370, many thought the stock was taking flight.

Not many expected its early landing.

Boeing stock is down about $40 per share from those highs, most recently ending Friday's trading session at $330.47. After falling more than 75 basis points in early Monday trading and despite the tumble in the broader markets, Boeing stock climbed 0.61% in the session, closing at $331.76. 

The stock bottomed out near $320 during the market selloff last month and it's been bouncing off that level a few times over the past few days. In a nutshell, this level is either going to give way and usher in lower prices, or it will hold up and allow Boeing stock to rally.

The good news about Boeing? It's in the midst of a massive secular trend in aerospace. Even companies like Honeywell International Inc. (HON) and United Technologies Corporation (UTX) are benefiting.

Honeywell is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells HON? Learn more now.

On the downside, shares are still up more than 80% over the past 12 months, so any pullback -- big or small -- seems justified.

So how can we take advantage? One alternative would be to sell cash-secured puts. One important note to mention is that Boeing stock has a high price tag. Meaning that, at $330 per share, one lot (100 shares) will cost investors $33,000.

Keep that in mind when it comes to risk/reward.

For investors looking to collect a larger net credit, they can consider selling the $300 put expiring in April. Right now, the $300 put can be sold for $3.00.

Should Boeing stock close below $300 on expiration, investors will put 100 shares of Boeing at a cost basis of $297, (strike price - net credit), excluding commissions. With strong support near $295 and 32 days until expiration, this seems like a reasonable risk/reward.

On the chart, you'll also see trendline support just below $320 (blue line) as well as the 100-day moving average near $307. In other words, there's plenty of nearby support. Plus, like we said, Boeing is a great company in the midst of a strong secular backdrop.

For those looking to limit their margin requirement and/or reduce their risk, they can consider buying the $275 put also expiring in April. This will give investors a $300/$275 bull-put spread. Instead of requiring $30,000 in margin, investors will only need to put up $2,500 ($300 - $275 x 100 shares = $2,500).

On this spread, they can collect a net credit just over $2.00, giving them an 8% return on capital. For 32 days' work, that's not a bad return.

While the net credit received is 33% less than the cash-secured put strategy, the bull put strategy yields a higher return on capital. Investors will have to decide which strategy (if either one) fits their risk profile. This trade is simply one example to take advantage of a long Boeing opportunity and it may not be suitable for all investors. Remember, options trading is not for everyone and it's important to exercise caution when using options. 

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.

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