This week has saw continued strength under the surface. In fact, the Russell 2000, Russell Microcap, technology sector, and Nasdaq all closed at new all-time highs. Not to be outdone, various advance/decline lines made new highs as well including: the S&P MidCap, Nasdaq 100, NYSE, NYSE common stock only, S&P 100, S&P small cap, and S&P 500. (LPL)

Treasury futures remain at historic net short levels. The positioning indicates market participants believe yields will move higher. However, this has been an important counter-cyclical indicator, as profits (or losses) on these positions can lead to buying Treasury futures to close them out, leading to a decline in interest rates over the short term. (LPL)

The Oregon Treasury has decided not to give public employees a choice in how a portion of their retirement savings is invested. The agency decided the move could leave investment managers open to lawsuits if things don't go well. (Oregon Live)

Hobby Lobby opened its first store in Portland last weekend. Hobby Lobby's first Oregon store opened in 2014 and has four other Oregon locations, in Bend, Springfield, Albany and Salem. (Oregon Live)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.