The rebalancing process didn't seem to make much progress in the first half of November, as the financial sector stepped up money creation and the stock market rallied. In the last two weeks, however, the dollar has taken a bit of a dive against the Yen, the RMB and (especially) the Euro:
Once year end bonuses are paid out on Wall St., it may finally be time to let the rebalancing process go forward at full strength.

Meanwhile, the housing market continues to stall. Lately the National Association of Realtors seems to be acknowledging that the market is bad, but has been trying to call a bottom with every new data point. Their spin on the latest Pending Home Sales numbers is that they are "stabilizing." Hmmmmm. Doesn't look very stable to me: