I came across the chart below (click here for the website) that I find to be very telling of the current state of the markets. With QE apparently having a smaller and smaller impact but the conventional market continuing to rise there was a piece (or many pieces) missing.
Margin debt levels appear to be a part of it. As you can see in the chart below we are at new highs and only reached there highs back in September. Since setting a new high we have screamed through it. We can not definitively say when this will peak but it is not looking good when it roles over.
