We find the exponential generating function for permutations with all valleys
even and all peaks odd, and use it to determine the asymptotics for its
coefficients, answering a question posed by Liviu Nicolaescu. The generating
function can be expressed as the reciprocal of a sum involving Euler numbers.
We give two proofs of the formula. The first uses a system of differential
equations. The second proof derives the generating function directly from
general permutation enumeration techniques, using noncommutative symmetric
functions. The generating function is an "alternating" analogue of David and
Barton's generating function for permutations with no increasing runs of length
3 or more. Our general results give further alternating analogues of
permutation enumeration formulas, including results of Chebikin and Remmel