Rear wheel play
 

I noticed my rear wheel has some lateral play in it so I took out the axle and cleaned and re-lubed everything. The only way I can get the wheel to have no lateral play when the quick release is clamped down, is to tighten the axle so tight that it has resistance when spinning by hand. I cannot seem to find the happy medium of free spinning and no wobble and I have tried everything. Any thoughts on how to fix this or why it is doing this?

How much play does it have?

If it is only a tiny amount, I would not be concerned.

It is small, but enough that I don't like it. My front wheel spins forever and has no play.

Sometimes it can require a precise touch but it could also be your cones and/or bearings are worn and need replacement.

Bent axle?

Bent axle or worn bits has others have mentioned, missing bearing from recent overhaul if that was done recently.

I've adjusted worn bearings so there's no slop and still roll somewhat smoothly and no play, but when I've unknowingly dropped a bearing during cleaning It gets more difficult to get the slop out (some call it preloading) and still have a smooth rolling wheel. Or somehow the axle got bent. Good luck

Take a look at for a fine-tuning technique. You'll need two cone wrenches and two lock nut wrenches.

New bearing balls, correct # each side

Confirmed not missing any ball bearings and axle is not bent. One of the cones does have a little rough patch.

If you mean that there is pitting on the cone then you might want to replace the cone and the balls. Balls are $2. Otherwise turning the pitted side upward would help increase the lifespan for the moment.