Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. 

While Emerging Market “Stocks” (MSCI Index +1.7% on the week) absolutely loved Down Dollar last week, Commodities did not: 

  1. CRB Commodities Index was -0.2% last week to -10.6% year-over-year and remains Bearish TREND @Hedgeye  
  2. Oil (WTI) was down another -1.8% last week to -20.8% year-over-year and moved back to Bearish TREND @Hedgeye  
  3. Soybeans were down -0.2% last week to +1.0% year-over-year and are Neutral TREND @Hedgeye   

And you thought the #BeanDeal was bigger than bigly big? So did consensus. At +73,814 net LONG contracts, long of Soybeans in Trumpian Tweet terms has the HIGHEST 1-year z-score in all of Global Macro right now at +2.37x! 

CHART OF THE DAY: Consensus → Viva La #BeanDeal! - CoD beanDeal