OIL (click on charts for better view)
The continued climb in oil screams at me to be careful in this environment, but at the same time there are many opportunites to get long stocks which benefit from higher prices.

10 Year Yield

The Fed has indicated they are getting closer to the end of their campaign to raise interest rates, but the intertest rate market doesn’t seem to be listening. Is this a new “conundrum”?

The Dow may be at a new high, but I don’t trade Dow stocks so I’m not really interested in that market of 30 stocks. Of more interest to me is the trend of the Nasdaq 100. The trend here is still constructive, but the inability of the market to take out the prior weeks high is reason for some concern. Last Monday’s low of 41.39 will be important going forward, if the market drops down through that level it will have made a lower low and lower highs accompanied by lower lows equals…downtrend. Let’s not read too much into this chart, let’s just be aware of the potential consequences of such a move.

Check back Monday morning for individual stock ideas.