All Eyes on the Highs

The Nasdaq Composite Index and biotechnology sector ETF, IBB, are printing fifteen-year and fresh all-time highs this morning, respectively. At this point, new highs on a daily basis is a surprise to very few market players. Still, this type of action is to be respected in terms of either playing along or not yet stepping in front of it. While volatility looks cheap and attractive to me here, the slow grind higher (as opposed to a fast spike up) in the market is not the most tempting of entry points to take that bet, just yet. 

A few long ideas I have my eye on as far as equities are DATA ILMN ONCE PAYC SKX.

On the short side, AXP still has my interest as a busted chart with  confirmed top.  

Crude oil bulls probably need to hold the 20-day moving average, the orange line on the USO ETF daily chart, below. If they do not, we could easily see another leg down to fresh lows.