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Editor's note: This is a brief excerpt from Hedgeye research this morning. Click here to learn more and become a subscriber.

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The #1 read-through from Mario Draghi's move last week?

More (not less) #deflation.

There are a lot of ways to play this... but pressing the short side of WTI Oil is obviously one of them.

Oil is down again this morning (after a -7.2% down week) to $44.95. It has no support to lower-lows. Meanwhile, there’s still a massive net LONG position of +324,642 futures/options contracts in crude.

This Is the #1 Read-Through from "Super Mario" Draghi's Move - oilc