Another meme ETF launched today signaling signs of exuberance, says BTIG's Jonathan Krinsky

Group 1: Meme Stocks and ETFs - The launch of a new meme ETF in November 2023 marks a resurgence of interest in meme stocks, reminiscent of the initial frenzy in early 2021 with GameStop and AMC [2][3] - The meme index had previously declined by approximately 80% since the ETF's initial launch in December 2021, but has since rebounded by about 100% [2][3] - The new meme ETF includes a different selection of stocks, notably incorporating quantum computing companies, indicating a shift in the types of meme stocks being favored [3] Group 2: Market Sentiment and Performance - There is significant dispersion in market performance, with meme and retail-favorite stocks performing well, while sectors tied to the real economy, such as restaurants, are struggling [5][6] - The relative performance of consumer-facing sectors, including airlines and home builders, suggests that the overall consumer health may not align with the optimistic market sentiment [6] Group 3: Gold Market Analysis - Gold prices have recently surged, reaching above $4,000, with the current price being about 26% above its 200-day moving average, a level not seen in the last 15 years [7][8] - Historical data indicates that similar price spreads have led to significant pullbacks or pauses in the past, suggesting caution for investors at this time [8][9] - Extreme trading volume in the GLD ETF indicates heightened activity, typically associated with upward movements in gold prices, but also suggests potential for a market correction [9]