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Hedgeye CEO Keith McCullough says a stronger dollar and lower oil price are weapons President Obama could use against Russian President Vladimir Putin, leading to the US dealing from a position of strength.

"You look at Putin and he's pushing us around. The No. 1 weapon that we have as a country that neither [former President George W.] Bush or Obama has used is called a weapon of mass currency appreciation, the dollar," McCullough told Newsmax TV in an exclusive interview. 

"Putin doesn't exist, [former Venezuelan President Hugo] Chavez... wouldn't have existed, neither do these Middle Eastern overlords that capitalize on oil, if a weak dollar doesn't exist."