Is Borrowing To Buy Ponzi Units Now At Unsustainable Extreme

In this podcast (recorded after the close on Monday) Lee Adler and Russ Winter discuss whether the Merrill Lynch chart showing extreme NYSE margin balances represents the warning signal that it’s purported to be. They talk about whether gold is in a bear market rally or something bigger and the real connection between the jobs numbers and the stock market rally. Lee discusses the implications for the stock market now that the sharp reduction in Treasury supply that he predicted is here.

NYSE Margin and Free Credit Balances- Click to enlarge

NYSE Margin and Free Credit Balances- Click to enlarge

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