the stock market rally of 2023 has been criticized by more than a few for being concentrated in just a few big tech companies but now that a few other stragglers have joined of late that’s actually a cause for concern for investors said jonathan krinsky managing director and chief market technician at btig 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 16 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 “over the last 18 months when the meme index has outperformed the consumer staples select sector xlp by 10 or more over a threeday period the spx sp 500 index spx was lower three and five days later 12 of 17 times for an average return of 083 and 068 respectively” he told clients in a note published tuesday meanwhile 20day performance had an average and median return of 145 and 16 respectively he said the last time this happened was the 15 of february when the sp 500 fell 362 over the next three days after this signal “bottom line it’s a doubleedged sword when we start seeing some of the lowerquality names rally obviously it’s encouraging to see breadth broaden out and this includes the high shorted names and low quality” said krinsky “when we see a surge of this magnitude however especially relative to a defensive group like consumer staples it often indicates a chase for what hasn’t moved and can move the most and this often is the tail end of the move as the numbers in the table below indicate” he said read why investors gamble on shares of bankrupt companies bed bath  beyond for example