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The meme stocks are back and that could be a red flag for the stock market, says strategist

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An index of meme stocks has gained 10% in the last three days and that could spell trouble for stocks, says BTIG's Jonathan Krinsky.

The stock market rally of 2023 has been criticized by more than a few for being concentrated in just a few big tech companies.

He notes that an index of meme... The stock market rally of 2023 has been criticized by more than a few for being concentrated in just a few big tech companies. He notes that an index of meme stocks, notable for their popularity among investors fueled by social media, has gained 10% over the last three days, versus a 1.6% drop by consumer staples as investors back away from perceived safer haven stocks. GameStop GME , AMC Entertainment AMC and now bankrupt Bed Bath & Beyond BBBYQ are some of the biggest meme names of recent years.

 

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