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.
