EFTA02056628

From: Sent: Mon 3/14/2016 4:11:53 PM Subject: Midday Tour - Market Color for 3.14.16 MUCH quieter session here in the US today. With ECB and China cco data behind us we look fwd to this week's 2 day Fed meeting and Rate decision on Wednesday (No chg expected 3/16 and currently 50% odd for June hike). We will also get the BOJ's rate decision Tues morning. • SPX and DOW volumes -34% from the 30d Avg. (See below chart) • Oil leads SPX lower -4.4% to $36.81 as Iran's Oil Minister said Iran had no intention to cut output until it has boosted production by a third to around 4mm BPD • Russia seems OK/ w the above bullet: Oil Minister Says Iran Should Be Exempted From Oil Output Freeze -- • Energy levered names whacked again (SWN and CHK -8%, DO and RRC -4%) reversing Fridays gains • Nasdaq outperforms (currently flat on day): FANG +80bps today leading the way • Oil weakness: "Profit taking" //Stronger $ // AUD -85 bps / Iran+Russia comments above • US 10yr rates back -4bps today, 1.94% last • Nat gas squeezing higher again; 1.83 last +4% off lows of the AM and +I% today •••Q1 2016 has seen largest short covering qtr for hedge funds since Q42011, per BAML EFTA_R1_00598900 EFTA02056628 Stamford, CT 06901 This e-mail and any files transmitted with it are confidential and intended only for the person or entity to which it is addressed. If you are not the Intended recipient, you are hereby notified that any dissemination, distribution or copying of this e-mail and any attachments) Is strictly prohibited. If you have received this email in error please immediately notify the sender at I.Mor by replying to this e-mail and delete the email and any attachment(s) from your system. Nothing herein shall be construed as a mancia promotion to any person or persons, or a solicitation or recommendation to buy or sell any security or other investment or to engage in any trading strategy. Information presented is from sources believed to be reliable, but is not guaranteed to be accurate or complete. This information should not be taken as an offer nor as a solicitation of an offer to buy or sell securities or other financial instruments. Email transmission cannot be guaranteed to be secure, timely or error free. Tourmaline Partners, Ut may review and store both Incoming and outgoing messages. Use by other than the intended recipients is prohibited. EFTA_R1_00598901 EFTA02056629