Boeing shares could be ready to rally as trader sentiment improves

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Options traders betting the worst is over for Boeing

Is Boeing ready for takeoff?

According to the options market, it just might be. Traders have been placing bullish bets on the aircraft giant's stock since the company reported earnings on Wednesday, with one speculating that the shares could see a roughly 4% run in the next two weeks. This comes despite Boeing saying that it would pause its stock buyback program and withdraw its forecast for 2019.

"Bullish bets outpaced bearish ones" during the post-earnings spike in options trading around Boeing, said Mike Khouw, co-founder and chief strategist at Optimize Advisors.

"One of the trades that I was looking at was a purchase of the May 10 $382.50 calls. Somebody paid $6 for 1,000 of those, and that is someone who is making a bullish bet that Boeing is going to exceed that $382.50 strike price by at least the 6 bucks that they paid. That would take it above $388.50 by May 10," he said Wednesday on CNBC's "Options Action."

In other words, this mystery trader isn't worried about Boeing cancelling its forward-looking guidance, but is assured by the company saying "new guidance will be issued at a future date."

"That also would mean that the stock would likely recover to prices that it hasn't seen since they announced those 737 Max production cuts on April 5, " said Khouw, who is a CNBC contributor.

That would take Boeing to nearly $392 a share or higher, at least a 4% climb from its current levels.

Boeing's stock was relatively flat late-morning Thursday.