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

If you need a narrative, I can definitely tell you a few about Canadians (and why the Loonie is breaking out to the upside) and Commodities, but that’s more for late night at the fire pit.

Ex-Oil & Gas, Commodities finally corrected from their recent Cycle Highs last week:

  1. Commodities (CRB Index) corrected -1.8% last week to a +5.6% inflation in the last month and remain Bullish TREND
  2. Oil (WTI) inflated another +0.7% last week to +3.4% and +11.6% in the last 1 and 3 months, respectively
  3. Copper corrected -2.0% last week to +12.6% and +23.1% in the last 1 and 3 months, respectively
  4. Corn corrected -12.1% last week to +11.1% and +22.6% in the last 1 and 3 months, respectively
  5. Lumber corrected -16.8% last week to +29.7% and +80.5% in the last 1 and 3 months, respectively
  6. Lean Hogs corrected -4.0% last week to +3.4% and +18.7% in the last 1 and 3 months, respectively

Respectively speaking, isn’t it funny that everyone and their sister’s dog was freaking out about inflation at last week’s SPY lows (it was even on the cover of Barron’s, ha!) as some of the biggest inflations out there were dis-inflating?

CHART OF THE DAY: #Quad2 Positioning Redux: FX & Commodities  - ELLL