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Takeaway: The dollar's strength continues to crush commodities.

INSTANT INSIGHT: Strong Dollar Will Keep Fed Guessing  - strong dollar

"The Euro was down another -0.5% last week (-12.4% YTD vs USD) and down again this morning as the USD Index ramps above 100," writes Hedgeye CEO Keith McCullough in a note to subscribers this morning. "Commodity markets don’t like this at all. The CRB Index remains in crash mode down -20.1% YTD."

Take a look at the ramp up in the U.S. dollar index since mid October.

INSTANT INSIGHT: Strong Dollar Will Keep Fed Guessing  - usd2

As McCullough notes, the CRB index is getting crushed by the strong dollar move.

INSTANT INSIGHT: Strong Dollar Will Keep Fed Guessing  - crb2

That's important.

By the time we get to Fed head Janet Yellen’s testimony in front of the “Joint Economic Committee” (JEC) in Washington on Thursday, more #StrongDollar Deflation will still have our esteemed authorities guessing.