Well, after the Saturday presser from Obama saying that he will seek congressional approval, S&P Futures (ES) are up 16 handles currently, at 1647 even with 430K minis traded. In our opinion, the moves we saw in the ES on Friday signal that someone/some big desk already knew Obama would ask for congressional approval on Saturday. So far, ES session high was 1649 even, and session low at 1639 even. Some small Syrian headlines are out, but nothing will affect the market until we find out what congress will do. Bonds are back to pre-Syrian levels, with the 10-Year back at 2.84%.
Europe’s VIX is up 1.29% at 22.18. VIX Futures are down almost a buck, as hedging begins to unwind until we get congressional confirmation.
USDJPY 99.5300 EURUSD 1.3175