Macro News From Last Week:
Equities rebounded strongly as the Federal Reserve fired a bazooka, announcing they would be buying junk bonds, offering a reprieve to U.S. energy companies. Junk bonds are the underpinning of most energy & oil-producer's debt. Logic would suggest Uncle Sam is stepping in to maintain energy production independence.
OPEC & its oil-producing allies have agreed to a 9.7M barrel / day production cut commencing May 1st and extending through June. On March 6th a disagreement between Russia & Saudi Arabia plummeted oil prices nearly 60% putting many U.S. oil companies near bankruptcy. Gulf markets like Houston, TX have been hit the hardest by the drop in crude.
On the economic calendar & reporting this week: Retail Sales (Wed. 8:30 AM ET) and Weekly Jobless Claims (Thurs. 8:30 AM ET).