by Jesse Felder, The Felder Report
The NYSE margin debt numbers for the month of September were released
today revealing a very significant milestone for the stock market. As
of the end of September, both stocks and margin debt have seen their
12-month rate of change turn negative after margin debt-to-GDP had risen
above 2.5%. The last time this happened was April of 2008, as the stock
market crash during the financial crisis was just getting started. The
time before that was December, 2000, the very beginning of the dotcom
bust.
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