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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.

"... Here’s what really worked last week:


  1. Short USD = down another -1.2% on the week to -3.6% YTD
  2. Long Euros and Yens (vs. USD) = up +1.0% and +2.0%, respectively, to +3.8% and +7.8% YTD
  3. Long Commodities = +1.6% on the week for the CRB Index to 0.1% YTD
  4. Long Oil = +2.4% on the week for WTI to +0.8% YTD
  5. Long Russia = +4.7% on the week to +16.9% YTD


Seriously, who isn’t levered long Russia?" 

CHART OF THE DAY: A Closer Look At Oil's Recent "Rally" - 03.21.16 chart