Boeing Co (NYSE:BA) reported solid third-quarter earnings yesterday and lifted its full-year forecast. However, BA stock received little fanfare amid a broad-market selloff. In fact, the stock actually declined 2.9% following the report.

But take heart, Boeing stock bulls, as this break in the action is an opportunity to profit from a continued rally.

Drilling into the report, Boeing said it earned $2.72-per share, excluding items, which beat Wall Street’s target by 6-cents-per-share. Revenue came in at $24.39 billion, also beating expectations for $23.89 billion.

What You Need to Know About Boeing Stock

Furthermore, Boeing lifted its full-year guidance. America’s largest plane manufacturer now expects 2017 earnings of between $11.20 and $11.40, 10 cents higher than its previous range of between $11.10 and $11.30.

That’s pretty solid growth for a behemoth blue-chip firm, and it went largely unnoticed amid yesterday’s fracas.

That said, BA’s stock price wasn’t hit so hard that the current rally is in danger. The shares were held in check by support at their 20-day moving average — a trendline that has supported Boeing stock since May. What’s more, BA’s longer-term 50-day moving average has risen into the $250 region, and it should contain any follow-through selling, should it emerge.

Click to EnlargeSentiment remains mixed on BA stock, providing room for upgrades once the brokerage community has time to digest the company’s quarterly performance.

For instance, Thomson/First Call reports that half of the 24 analysts following BA rate the shares a “buy” or better. Furthermore, the 12-month consensus price target of $283.14 represents a merger premium of about 9.5% to BA’s current trading range.

Options traders, meanwhile, are quite bearish on the short-term prospects for Boeing stock.

Currently, the November put/call open interest ratio for BA comes in at 1.55, with puts easily outpacing calls among front-month options. This lingering pessimism is actually a good thing for Boeing stock, as it means the rally has not hit a euphoric stage just yet, pointing toward additional potential gains.

As for implieds, November options are pricing a potential move of about 3.6% ahead of expiration. This places the upper bound near $268, while the lower bound rests near $249. With staunch support near $250, I wouldn’t expect BA stock to drop quite this far on any follow through selling, making it a prime location for a put sell position.

Two Trades for BA Stock

Put Sell: Given the unstable nature of the market rally right at the moment, a put sell may be the safest bet for profiting off BA stock’s post earnings dip. Currently, the Nov $250 put is bid at $2.77, or $277 per contract. As long as the stock trades above $250 through expiration, traders pursuing this strategy will keep the $277 premium. However, if BA trades below $250 ahead of expiration, you could be assigned 100 shares for each contract sold at a price of $250-per-share.

That could be a hefty payout if you’re not prepared. Still, picking up BA stock at $250 could be quite a bargain given the company’s growth prospects heading into 2018.

Call Spread: If you’re looking for a bigger return and believe that BA stock is set to bounce back from it’s undeserved post-earnings losses, then a Nov $260/$262.50 bull call spread has you covered. At last check, this trade was offered at 91 cents, or $91-per-pair-of-contracts. Break-even lies at $260.91, while a maximum profit of $1.59, or $159-per-pair of contracts — a potential return of 74% — is possible if BA stock closes at or above $262.50 when November options expire.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.