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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.
(Bloomberg) -- Investors are fascinated with meme stocks again as they hunt through lower-quality names searching for returns. And in the process they’re raising a “red flag” for the S&P 500 Index.Most Read from BloombergTurkey Agrees to Back Sweden’s NATO Bid in Boost to AllianceMicrosoft Cleared to Buy Activision in US as UK Pauses FightMove Over Dubai. This Tiny Emirate Wants to Be the Next Haven for BillionairesPoisoned Cough Syrup Killed Kids. Authorities Cut the Investigation ShortErdogan
BTIG said in a note that investors should be prepared for the growth stock rally in the first half to reverse in the coming months.
U.S. stocks have rallied so far this year, led by mega-cap growth stocks. But it could change in the third quarter, according to Jonathan Krinsky, managing...
Markets were in a tug of war between the bulls and the bears this week, a dynamic some expect could continue next week.