Reddit-loving day traders are making their chaotic presence felt again - and their risky behavior is fueling a stock rally that doesn't look sustainable

• Bullish sentiment has returned in a big way among retail investors as they've started the year piling record amounts into stocks.
• Like the meme-stock boom of 2021, investors are picking risky, speculative assets, despite those being the biggest losers during last year's rising-rate environment.
• Strategists warn that the enthusiasm may be ill-conceived, given the Fed has insisted more rate hikes are on the way. 

Retail investors are partying like it's 2021.