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Hedgeye CEO Keith McCullough appeared on CNBC's Fast Money last night and did a web extra clip discussing what lies ahead for the commodity markets and China. Keith noted that there are three big factors that come into play: China, copper and bond yields. Global growth continues to slow and investors who believed that China had bottomed got smoked when they didn't realize that "cheap stocks" can always get cheaper.

Watch Keith's full breakdown on the markets in the clip posted above.