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On today's Morning Investment Call held for Hedgeye subscribers, CEO Keith McCullough discussed ECB rate cuts, oil prices and gold, as well as S&P 500 levels. In regards to Europe, investors are clearly expecting a rate cut from European Central Bank Chief Mario Draghi and the probability of a rate cut has gone up considerably. Commodity prices continue to come down, with Brent crude oil trading at the higher end of risk range while remaining in bearish formation. Gold caught a bounce this morning but remains in bearish formation. When the time is right, we'll re-short gold via GLD or the Gold Miners (GDX). 

You can listen to the full call in the audio posted above.