A 30% move upward since last August, to a new record high. Yet no one is celebrating it. That, despite the fact that it is widely owned by many investors across the wealth spectrum. Does that sound strange?
Well, maybe not when you consider it is not a stock, nor an exchange-traded fund (ETF). It's not even a bond. It’s margin debt. As tracked monthly by the Financial Industry Regulatory Authority (FINRA), the securities regulator. And it has reached the point where in other cycles, this was the time to take notice — before it ends up being one of those economic figures you wish you had known sooner.
