🚨I think this image is quite warning-worthy—

In September, margin debt in the U.S. stock market surged by 6.3%, reaching a record $1.13 trillion.

Since April, investor leverage has skyrocketed by 39%, marking the largest five-month peak since the market frenzy at the end of 2021.

An increase in margin debt generally indicates that the proportion of leverage used by investors is rising. This usually occurs in two phases:

First, when the market anticipates that easing is imminent, investors leverage up in advance;

Second, when liquidity is indeed released, there is too much money and a decline in risk premiums.

It is noteworthy that each peak in margin debt almost corresponds to a market "sentiment top," without exception in 2000, 2008, and 2021.

After the interest rate cut in September, stock market margin debt surged to $1.13 trillion, indicating that the market has collectively jumped on board.

In other words, liquidity has found an outlet in the capital market.

This type of leverage is often not a rational inflow but rather driven by FOMO-induced lagging buying.

Once the market experiences any disturbances—such as fluctuations in U.S. Treasury yields, a rebound in the dollar, or escalating political events—it could very likely trigger a round of deleveraging and panic selling.

Therefore, this period is a danger zone for leverage, so be sure to exercise caution!

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