Margin Debt Is Acting Curiously

The unique behavior margin debt held in NYSE accounts this year continued in July. After looking like it had reached a structural peak in February, margin debt surged back in June. Now the latest data point for July shows NYSE Margin Debt dropped by about $4 billion. Technically, the peak in February still holds as it is about $2 billion higher than the level reached in June. However, if in hindsight February is the peak, margin debt is certainly acting uncharacteristically compared to previous peaks in the equity market.  Lastly, net margin debt reach an all-time high in July