The meme stock craze of 2021 appears to be making a roaring comeback this week. 

On Tuesday, shares of Kohl's soared as much as 90%, while premarket trading on Wednesday saw heavily shorted names, such as GoPro, jump 50% or more.

It all began with Monday's massive gamma squeeze in Opendoor Technologies, which triggered a record surge in call option activity. 

Check out the full list of heavily shorted stocks.

While another round of meme stock mania unfolds and Bitcoin hovers near record highs at $120,000, the focus here isn't heavily shorted stocks or crypto.

If you recall, during the Covid mania in markets, luxury watch prices exploded as crypto bros and Robinhood traders bought Rolexes. 

The latest data from the Bloomberg Subdial Watch Index, which tracks prices for the 50 most-traded watches by value on the secondary market, shows that used Rolex prices have recently hit their highest level in two years, following a multi-year slump due to elevated interest rates. 

Earlier this month, UBS analysts led by Zuzanna Pusz told clients that a meaningful recovery in the global luxury market might not occur until 2027.

The question remains if the latest rise in luxury used watch prices will sustain.

Looking ahead, US interest rate swaps are pricing in the beginning innings of a cutting cycle in October.