On My Radar: Margin Debt In A Late Cycle Bull Market
Margin debt hit a record $1.5 trillion in June and now sits near 4.6% of GDP, the most leverage relative to the economy on record. Plus Ned Davis Research's late-cycle charts: one of the longest bull markets in history, a SpaceX-led IPO surge, record stock ownership, record tech concentration, and what the Fed, the midterms and seasonals mean into year-end.
On My Radar: No Clear Off-Ramp
"Things have not materially changed… The exception is the Houthis." A former oil CEO's latest read on Iran, plus jobs, rates and the yen carry trade.