Warren Pies

Warren Pies

21,935 Twitter followers

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Founder @3F_Research...Formerly with Ned Davis Research, Recovering Attorney (step 4), Highlighting when I'm rt...downplaying when I'm wrong.

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Four weeks? S&P 500 would be < 6k…oil $150 easy

*Walter Bloomberg

RUBIO TOLD G7 FOREIGN MINISTERS TODAY THAT THE WAR WITH IRAN WILL CONTINUE FOR ANOTHER 2-4 WEEKS

Jensen confirming what we are seeing in our GPU availability data: There is an epic scramble for compute. B200 basically unavailable. Availability for GH200, H100, and A100 also collapsing. *Low availability = high demand. $NVDA

Dangerous spot for equities here. Tough realizations setting in. Crude backwardation is flattening due to longer-dated contracts rising (i.e. geopol risk premium becoming embedded). Chart compares today vs Monday (peak panic for week)...Yet, SPX still above Monday lows (6646)

Oh? twitter.com/WarrenPies/status/...

S&P 500 Leadership continues to be a red flag. Financials and Tech down >1% today...Staples and Energy are up. Over the past 63 trading days, Staples + Energy are up >10%...Financials + Tech are negative. This combo has only happened twice before: -1990 (Dessert Storm) -2000

S&P 500 A broadening market is positive. But, leadership is transitioning to an unhealthy place (Energy and Staples). Tech, Comm Services, Financials must get back into gear.

GPU availability falling across the board. Of note, B200 availability making new lows. Less availability = bullish demand.

I always enjoy catching up w/ @fejau_inc Earlier this week, we sat down to discuss markets heading into 2026. One note: When discussing market valuations, I misspoke and said the S&P 500 could go to 8k by early-26 and still not be overvalued...Obviously, I meant 27. twitter.com/WarrenPies/status/...

GOLD $GLD - From record inflows to extreme outflows. Retail sentiment toward gold has normalized...Gold bottom for this correction is in or close.

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