This strategist warned of a selloff in December. He’s watching these two signals to confirm if stocks have bottomed.

Among those who saw trouble brewing for stocks last year was strategist Warren Pies, who warned clients in December that the S&P 500 faced a 10% correction in the first half of 2025.

“We saw weakening in the economic data, and we saw a Fed that was going to be hesitant to cut rates because of these policies out of the White House,” the founder and portfolio manager at

3Fourteen Research told MarketWatch in a Wednesday interview. He also expected turbulence from the transition into the Trump administration, which he sees playing out through tariffs.