Looks like DaBoyz think they can short-squeeze Monday’s opening, since, as of midnight, they’ve taken the E-Mini S&Ps well past the 1093.50 entry trigger of the bullish pattern shown in today’s ES tout. The midpoint pivot lies at 1098.75, three ticks above Sunday night’s so-far high, and if DaLunatics can get past it they’ll be signaling more upside to as high as 1109.25, at least in theory. That’s nowheres-ville on the hourly chart, and it looks like another failed rally in the making — all in all, a great one to short (although it’s possible the best opportunity to do so may have come at 1098.00).
COMMENTARY for Monday
TODAY'S ACTION for Monday
Rick's Picks for Monday
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This Just In... for Monday
The zero-interest- rate environment engineered by the Fed has dark moral implications that are made starkly clear in a Mises Institute essay written by Sarel Oberholster: ”It is appropriate to ask by what standards society decides that a homeowner who bought a property priced beyond his means must be subsidized by a pensioner who had saved to survive the income drought of old age? Why must a big bank have access to zero or near-zero cost of funds to carry all those losses making loans while an ordinary saver can no longer afford his child’s tuition?” Click here to access the full essay, which deserves to be widely circulated.
From Duke’s partner Panos Pamukoglu, a note on the passing of financial journalist Mark Pittman, whose trenchant reporting on the Federal Reserve opened many eyes to the central bank’s shady ways:
The financial community has recently suffered the loss of a prominent journalist. He was young and had much to offer still. Mark Pittman, 52, an investigative reporter for Bllomberg News, passed away on November 25. His astute criticism of powerful personalities leveled the field and helped me see the men behind their image. He surely helped me open my eyes. His timely analysis and substantiated reports were instrumental in helping me to protect my financial well-being. Finally, he has been the only citizen who dared to confront and help Bloomberg sue the FED for full disclosure.
Thanks, Mark, for leading us. Let us honor your memory by working to get rid of the FED now. May you rest in peace.
The BBC’s Max Keiser has sent me a link to an interview he did that sounds some of the same themes that I emphasized in today’s commentary, ‘Gold Passes Stress Test of Dubai Panic’. His list of sovereign buyers of gold should bolster your confidence about the metal’s prospects. Click here to access the YouTube segment. If the link fails, simply paste the following into your browser search field:
http://www.youtube.com/watch?v=cSWSwhn-AWc
Rick’s Picks is a daily trading newsletter and intraday advisory packed with detailed strategies, fresh ideas and plain old horse sense.
Rick Ackerman is the editor of Rick’s Picks and a partner in 
Gold Passes ‘Stress Test’ of Dubai Panic
by Rick Ackerman on November 30, 2009 12:01 am GMT · 16 comments
Gold’s spectacular swoon on Friday provided fresh evidence that a red-hot bull market is in no imminent danger of cooling off. The initial plunge was orchestrated by bullion bankers and other promiscuous borrowers of gold when some unsettling financial news out of Dubai triggered a misbegotten panic into, of all things, dollars. Smelling blood, gold shorts pulled their bids when it looked as though the dollar was about to soar. Alas, the buck barely got off the launching pad before gravity re-asserted itself with a vengeance. The rally was so short-lived and feeble that it will have significantly diminished the dollar’s bizarre status » Read the full article