Index futures were breaking down in mild fashion Monday night, menacing the blithe demeanor of a rally that has buggered shorts since Halloween. We should monitor the pullback closely for signs of growing momentum, since it is occurring off a top in the E-Mini S&P that came within less than a point of a well-advertised Hidden Pivot target.
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John Mauldin, drawing on Mish Shedlock’s work, sees U.S. unemployment continuing to rise and staying above 10 percent for years to come, even under the best of circumstances. In a recent article published at Minyanville, he also explains how firming retail sales could be reported in an environment where sales-tax collections are falling and joblessness is on the rise. Click here for this must-read article.
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Rick Ackerman is the editor of Rick’s Picks and a partner in 
Central Banks Can’t Stop Gold’s Rampage
by Rick Ackerman on November 17, 2009 12:01 am GMT · 6 comments
It was less than a week ago that the Wall Street Journal reported that the central banks of the world, even Russia’s, were acting in concert to prop up the U.S. dollar. With gold’s powerful thrust to new all-time highs yesterday, however, it looks like the bankers will have to come up with a new plan. Our longstanding target for the Dollar Index is 72.93, implying the dollar has a further 2.5 percent to fall before it is likely to find traction for a rally attempt. (Please note that a bounce from 74.05 could also provide bulls with temporary relief.) More important than the dollar prediction, however, is an 1174.90 » Read the full article