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

Meme Stocks & ETF - A new meme ETF launched, reminiscent of the late 2021 meme stock frenzy [1][3] - The original meme ETF closed after the meme index fell approximately 80% from its launch in November 2023 [2] - The meme index has since rebounded by approximately 100% [3] - The new meme ETF has a different composition of stocks, including quantum computing [3] - ETF launches and closures can serve as sentiment indicators [4] Market Dispersion & Economic Indicators - Significant dispersion exists in the market, with meme, retail favorite, and AI stocks performing well, while the real economy lags [5] - The restaurant index is near its April lows, indicating potential consumer weakness [5] - Relative performance of airlines, hotels, home builders, and credit-sensitive sectors like private equity and business development companies suggests underlying economic concerns [6] - The actual consumer might not be doing as well as the overall market suggests [6] Gold Market Analysis - Gold is in a long-term secular trend, but caution is advised in the short term [8] - Gold is approximately 26% above its 200-day moving average, a spread as wide as it has been in the last 15 years [8] - Previous instances of this spread have led to pullbacks or consolidations [9] - Extreme volume was observed on the GLD ETF, which is typical for gold market tops [9] - Better entry points for gold are anticipated in the coming months, despite the overall positive trend [10]