According to reports, the leaders of Boeing's (BA: sentiment, chart, options) machinists union have called for a strike. The union, which represents more than 27,000 Boeing employees in 3 states, rejected the aerospace firm's latest labor contract proposal.

Mark Blondin, the national aerospace coordinator of the International Association of Machinists, told the Seattle Times that "It's official. We are recommending to reject the contract and vote to strike." Blondin also opined that the proposal, which Boeing deemed its third and final offer, didn't commit enough to job security, lacked adequate wage increases, and increased healthcare costs. IAM members are slated to vote Wednesday on whether or not to strike, and a potential walkout could go into effect at midnight.

Taking a look at BA on the charts, it's fortunate for the shares that investors have a long weekend to digest the latest bout of data. Since falling beneath support from its 20-month trendline in January, the stock has fallen about 25% to dawdle near the $65.50 level.