The more U.S. Treasury yields rise, the stronger U.S. stocks become? A veteran trader warns: The Nasdaq rebound may be a bear market trap.

Veteran macro trader Dale Pinkert warned that the Nasdaq's sharp rebound—coming within 72 hours of a limit-down move last Thursday—looks more like a bear-market rally than a durable recovery, and he expects the S&P 500 to eventually push toward 7,000 only after sweeping low-point liquidity, leaving roughly 100 points of upside from current levels. He argued the stock-bond relationship has undergone a regime shift, with falling yields now coinciding with equity selloffs while rising rates support risk appetite on expectations that inflation signals expansion, and he sees the 10-year Treasury yield reaching 5.10%–5.15%, a level he flags as a potential entry point for TLT. Pinkert said he had already turned bearish on Nvidia before its executive scandal, targeting $190 from a $240 high and identifying $173 as a critical support level bulls must defend, while calling the dollar still "king" with no sign of a top and saying AMD has not yet found its final bottom. In commodities, he sees the correction in agricultural products as over and views current prices as a window to rebuild longs in sugar, wheat, soybeans and corn, and in precious metals he expects silver to outperform gold as the gold/silver ratio forms a top, though he cautions a second washout remains possible.