Margin Debt Near Real All-time High
Advisor Perspectives reports that NYSE margin debt is elevated near its real all-time high [see chart below]. The last time these peak levels were observed was in July 2007.
The chart provided at the Advisor Perspectives site shows that since 1995 such high levels of margin debt have signaled a stock market peak as measured by the S&P 500.
In January 2009, during the depths of the previous bear market, Brett Steenbarger reported a large contraction in margin debt [link].
Source: Advisor Perspectives