Here’s Another Sign That Markets Have Gone Nuts And Everyone Is Chasing Everything

It doesn’t take a rocket scientist to discern that financial markets are full of juice at the moment, with the S&P 500 SPX, -0.30% ending Thursday at its fourth record high of the young year and up 72% from the lows of March 2020. The last 12 weeks have seen the largest inflows to stocks ever, according to Bank of America.

Here’s another sign. Margin debt tracked by member firms of the Financial Industry Regulatory Authority has spiked over the last two months. “We don’t know how much total stock market leverage there is, but margin loans indicate the trends, and we had another WTF moment,” says Wolf Richter, author of the Wolf Street blog. Read more…..