OPEC’s decision to cut crude oil production by as much as 2 million barrels a day was more than enough of a catalyst to push energy stocks up by more than 10%. Healthcare could be an interesting sector to watch here. Materials have rebounded nicely over the past two weeks as cyclicals swing back into favor.

Crude oil prices were up 9% in the past week and that was enough to push energy stocks higher despite the losses in the S&P 500. Staples managed to avoid the most severe damage that occurred in utilities last week, but it also didn’t provide the safety net that investors might have expected. Healthcare has turned into one of the market’s best performers over the past month.

Defensive equities continue to take over, but it’s still a matter of just falling less than the broader market. It’s impossible to start a discussion about the dollar without talking about what’s going on with the pound. A lot of the pressure in Treasuries is also coming from liquidity being pulled out of the market and a relative lack of dollars available globally.