Boeing: dealer inventory is absorbing the production

The transmission is the channel. Factory shipments and retail sales can diverge for several quarters while dealers absorb inventory, and the correction arrives when floor-plan financing costs force a destock. Dealer inventory is reported separately from factory shipments. It has risen in each of the last three quarters against flat retail sales. The position: short on Boeing, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. The risk is that the new customer set proves as cyclical as the old one once its own budget pressure arrives.