Boeing Co. (NYSE: BA) opened at $95.90. So far today the stock has hit a low of $95.75 and a high of $98.84. As of 12:55, BA is trading at 97.85, up 2.28 (2.4%).

Boeing was flat at 90 for several months before jumping over resistance in April and shares have reached a new all-time high today. Air France KLM (NYSE: AKH) saw a 4% revenue jump for the latest quarter and announced today a $7 billion aircraft order to be split between Boeing and Airbus. Recent technical indicators for BA have been bullish and steady, while S&P gives the stock a very positive 5 STARS (out of 5) strong buy rating.

For a bullish hedged play on this stock, I would consider an August bull-put credit spread below the $85 range. BA hasn't been below $85 since November and has shown support around $92.50 recently. This trade could be risky if the current pace of demand for airplanes slows drastically, but even if that happens, this position could be protected by the intermediate support for BA between 85 and 95, combined with the stock's 200-day moving average, which is currently at $86 and rising.

Brent Archer is an options analyst and writer at Investors Observer. Do you have any deadwood in your portfolio? Check out the 18 Warning Signs That Tell You When To Dump A Stock.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls a position in BA or AKH.