Wednesday -- Pinterest's 24X Multiple

S&P E-mini Futures:
Flat.

Markets:
Asia was mixed, and Europe mostly green ex-UK.

Lots o' monetary & political drama before the week is done.

Mood:
Still pretty frothy in Silicon Valley.

Pinterest Raises $150 Million at 2015 Share Price

The pretty photo company is now valued at $12 billion on revenues of "targeted" $500 million.

A pretty euphoric multiple.

FX:
AUD & SEK the big movers thus far, stronger and weaker respectively.

USD firming.

Treasuries:
Long end still outperforming short end. Not a good trend.

Energy:
WTI crude down, even on API figures showing a draw. NG rallying.

Metals:
Red here across the board.

S&P Outlook:
Part 1 of yesterday's scenario may have played out.

Of concern is the NDX which may be working on an impulse down, raising the odds of a trend change. But note, in the pre-market, the NQ contract has just about completed a wave-1 overlap.