The leverage read flips: June's record $1.50T (+49% y/y) was the peak; July's -$85B is the biggest monthly deleveraging ever, bigger than January 2022's. Deleveraging into a rout is how corrections stay corrections — a datapoint for the four-leg monitor, not a bull or bear verdict.
BREAKING: US margin debt dropped -$85 billion in July, to $1.42 trillion, the largest monthly decline on record. This also marks the first monthly decrease since March. By comparison, the 2nd-biggest monthly drop was recorded in January 2022 at -$80 billion, just as the bear
The leverage read flips: June's record $1.50T (+49% y/y) was the peak; July's -$85B is the biggest monthly deleveraging ever, bigger than January 2022's. Deleveraging into a rout is how corrections stay corrections — a datapoint for the four-leg monitor, not a bull or bear verdict.
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