Take note of the charts below; notice how the USD/CAD seems positioned to pop higher (that is, a stronger dollar) while the EUR/USD is very vulnerable to a fall at that fan line.

I don't think the market can push higher without a move higher by the energies (everyone is focused on the financials, but as we all know, all the banks in the Dow 30 could go to $0.00 without much of an effect anymore); and I don't think the energies are in a position to move higher with the dollar being so strong.

My point is that I think the FX market supports the notion of continued weakness in equities for the short-term.

In late 1992, when Bank of America's stock price was the same as it is today……….

• Bill Clinton had recently been elected, but George H.W. Bush was still in office;
• There was no such thing as an Internet browser;
• It would be five years before Steve Jobs would set foot inside Apple's buildings again

In the spring of 1968, when Citi's stock price was the same as it is today……….

• Lyndon Johnson was the President;
• The most primitive handheld calculator was three years off;
• The future author of Slope was still a chubby baby

Just for old times' sake……….

I mentioned this morning how the /ES was looking like an attractive short as it approached "the 848 area". Well, we peaked at 849.50, so I wasn't off my much (I've circled 848 below). If we break below 829 on the /ES, this will get a little more interesting.