Premarket Take 9/3/09

The dollar saw some weakness last night as equities and oil bounced in line with the Asian markets.  This morning though we are starting to see the dollar catch bids and with that equities and oil have pulled back from their overnight highs now both up only .5%.

Gold surged to 987 on the dollar weakness but has pulled back since and now sits at 980.  Silver is also flying again up almost 2%.  Any way you look at it there seems to be rotation into precious metals right now with capital flowing out of crude and copper.

The world is pretty quiet this morning as we approach the long Labor Day weekend here in the states.  I don’t see a lot of movement from the equity markets between now and Friday afternoon, but come next Tuesday we could see some serious maneuvering.  Stay nimble and always remember to manage risk.

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