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.

"... Let’s review an example of something Trump might call you-ge! in Macro for the last 3 years – being The Bear in Commodities:

  1. CRB Commodities Index (19 commodities) was between 300 and 310 in both Q1 of 2013 and 2014
  2. After multiple chart chases, the CRB Index got cut in HALF by the low we just saw in Q1 of 2016
  3. At 155 on February 11th, 2016, the CRB Index hit a 3yr low

Then it “bounced”, for a month… and we’re back in a commodity bull market? #Cool."

CHART OF THE DAY: The Reflation Trade Looks Pretty Weak - 03.24.16 chart