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Editor's Note: Below is a chart and brief excerpt from this morning's Early Look written by Hedgeye CEO Keith McCullough. Click here if you're interested in learning more and how you can subscribe.

...Yes, it is rather damning for the USD to have one of its biggest down weeks of the summer and see both the commodities index and oil continue to crash/deflate (for those who remain long of them, that is).

CHART OF THE DAY: Reflation-Trade (Head Fake) - 08.17.15 chart