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

Watching Oil crash another -22% this morning, did you have any doubt that anything the Fed WASN’T being lobbied to bailout and/or buy wasn’t going to crash? Both the FX and Rates markets nailed Deep #Quad4 Deflation, of course.

As a historical reminder, short-term government bailout TRADEs aren’t economic cycle TRENDs. Next time someone uses a lazy short-cut and says “don’t fight the Fed”, tell them not to fight The Gravity. We’re long Treasuries alongside The Fed, don’t forget.

We’re “fighting the Fed” (they’re trying to devalue the Dollar) and long of The Gravity in Global Currency market terms, however!

CHART OF THE DAY: Deep #Quad4 in Oil - Chart of the Day