Where’s Waldo?
In this May-18 post I discussed the significant implications – for both equities and bonds – of the bearish pattern that had emerged in the ratio b/t the SPX and 30-yr rates. In my view, that pattern was highly analogous…...
NYSE Margin Debt Levels Historically Elevated
Below I plot the ratio of NYSE margin debt / NYSE equity market cap back to the early 1930s. Data is sourced from GFD. As global equities peaked in Jan/Feb-18 the ratio hit 2.9%, a ~90-yr high not seen since…...