The latest reading on NYSE margin debt was just shy of an all-time high. Borrowing to execute securities trades has not waned much at all in recent months as the July data showed borrowing of $382.1B which was slightly below the all-time record of $384.3B seen in April of this year. The July reading is up from $376B in June. Clearly, there’s still a lot of confidence in the minds of traders who are borrowing to execute trades as NYSE margin debt balances certainly appear to have a long-only bias:
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