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