It’s Not All Bad For US Stocks…

Sure there are all kinds of bright red flags flying over US equity markets including, but not limited to, the highest Shiller P/E ratios since 1929 (ex. dot-com bubble), optimistic assumptions about 2017 earnings, and valuations that are between one and two standard deviations above the historical mean.

But it’s not all bad news. At least margin debt hasn’t rolled over (yet)…


(Chart: Bloomberg)

You can always count on leverage.


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