Today was a significant day in the markets. The Dow Jones is down 100 points along with Oil and the EUR/USD taking a hit. The 3 month long rally in US stocks was accompanied with a sell off in the dollar and consequently an increase in oil prices. Currently Gold and the US stock market have been trading in tandem.

At this point there has been a brief pause in the upward lift in the stock market since eclipsing the 10,000 mark. The index is currently trading below 9,900. The is a good chance that the upside has been overextended and there is more bias towards the short side at this point

Other new on the day: ING is issuing $11.3 billion in stock, while Caterpillar (CAT) confirms cuts to 2,500 workers in limbo.