This week has not followed through on the downside, not yet. That doesn't mean the analysis was wrong, just early. There is a stock market adage that goes something like, "Sell in May, Go Away," suggesting that investors exit stocks in anticipation of sluggish summer months. It just as likely means incurring capital gains taxes and missing out on summer rallies. Yes, it works sometimes, but like every other wall street adage, it works only until it doesn't. Then what? For a fresh take and in case I am wrong about a deep dive in the coming weeks, these are long ideas that are working and in fact, absent a macro event to the downside, show promise for a run to new highs into July-August. RKLB RKLB has been a standout performer in the Premium Options Portfolio. Anyone who has stayed with this May 8th pick is up nicely after a couple of weeks, with every indication of more gains to come. Absent a market meltdown, these shares should benefit nicely from the coming SpaceX IPO. RKLB 2-Day NOK I'm watching NOK carefully basis the pattern set out in the Daily chart below. If the pattern shown from early March is ongoing, we should get an up arrow this week for a fresh price rally into the high teens. The Wave 5 target should arrive by July expiration, so new July calls are "pending" a fresh breakout. NOK Daily NOK July Calls Significant upside leverage across the board. TSLA What list of potential long ideas would be complete without our main squeeze, TSLA. One of these rallies will not peter out short of new highs, and in fact will carry price into the $500's and beyond. Price topped out at $498 last December, dropped to $357 in April and rallied to $453 in May. During that rally into early May, our $500 July calls bought in early April were up as much as 712%. Shares, from an interim low of $393 just a few days ago, have risen to $414 today. Is TSLA on its way to test $500 again, or will it need to test the recent lows just under $400 first? With SpaceX's IPO bringing a lot of attention to Elon Musk & Company, the surprises may very well be on the upside. Buy here, stop at $400, targeting $500+ this summer. TSLA 240 Minute Our short-to-intermediate term bullish scenario is in play so long as TSLA remains above $400. TSLA July Calls These calls, bought at $2.80 ran to a high of $22.75 and were finally stopped out, by rule, when the gain fell to below +356%, with the calls down to around $10.00. For anyone stopped out, its time to get back in and stay in so long as TSLA remains above $400.
