Dow component Boeing (BA: sentiment, chart, options) soared into positive territory after reporting a couple of major contracts. First, Iraq stated that it has signed a contract to buy 40 new aircraft from Boeing for $5.5 billion, with the option to purchase 15 more. The pact is for a combination of 737 and 787 Dreamliner jets. Delivery is slated to begin this year, with final delivery occurring by the end of 2019.

Iraqi government spokesman Ali al-Dabbagh said the Boeing purchase "will strengthen the Iraqi civil aviation capacity and enable it to respond to the increasing demand for air ransportation to and from Iraq." According to AFP, Iraqi Airways currently owns just 2 aircraft.

Additionally, Malaysia Airlines said it will purchase as many as 55 new Boeing jets with a list price of $4.2 billion.

Currently, BA is about 0.5% higher. The shares are trading south of their 10-unit and 20-unit daily, weekly, and monthly moving averages, yet the Schaeffer's put/call open interest ratio (SOIR) is resting at an annual low of 0.66. This heavily bullish sentiment seems out of line with the stock's technical performance, and could eventually unwind against BA if it continues its downtrend.