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Stock Market Indicators:Margin DebtYardeni Research, Inc.June 23, 2022Dr. Edward Yardeni516-972-7683eyardeni@yardeni.comMali Quintana480-664-1333aquintana@yardeni.comPlease visit our sites atwww.yardeni.comblog.yardeni.comthinking outside the box
Table Of ContentsTable Of ContentsMargin DebtJune 23, 2022 / Stock Market Indicators: Margin Debt3-6Yardeni Research, Inc.www.yardeni.com
Margin DebtFigure 1.96050MARGIN DEBT & WILSHIRE 5000900840780Margin Debt*(billion dollars) (752.9)72040May6/22660Wilshire 5000Market Cap(trillions) 25* Debit balances in margin accounts at broker/dealers. Beginning in 1997 data are debit balances in customers’ securities margin accounts.Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.Source: New York Stock Exchange through December 1996, FINRA thereafter, and Haver Analytics.Figure 2.3.02.83.0MARGIN DEBT*(as a percent of Wilshire 1.41.21.2yardeni.com1.01.095 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25* Debit balances in margin accounts at broker/dealers.Source: New York Stock Exchange through December 1996, FINRA thereafter, and Haver Analytics.Page 3 / June 23, 2022 / Stock Market Indicators: Margin DebtYardeni Research, Inc.www.yardeni.com
Margin DebtFigure 3.400350400MARGIN DEBT*(yearly change, billion -50-100May-150-100-150yardeni.com-200-20095 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25* Debit balances in margin accounts at broker/dealers.Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.Source: New York Stock Exchange through December 1996, FINRA thereafter, and Haver Analytics.Figure 4.100100MARGIN DEBT*(yearly percent change)505000Mayyardeni.com-50-5095 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25* Debit balances in margin accounts at broker/dealers.Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.Source: New York Stock Exchange through December 1996, FINRA thereafter, and Haver Analytics.Page 4 / June 23, 2022 / Stock Market Indicators: Margin DebtYardeni Research, Inc.www.yardeni.com
Margin DebtFigure 5.100050MARGIN DEBT & S&P 500800Margin Debt*(billion dollars) (752.9)S&P 500 Market Cap (32.1)40May6/15600304002020010yardeni.com0095 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25* Debit balances in margin accounts at broker/dealers.Source: New York Stock Exchange through December 1996, FINRA thereafter, and Standard & Poor’s.Figure 6.44MARGIN DEBT(as a percent of S&P 500 market cap)33May22yardeni.com1195 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25* Debit balances in margin accounts at broker/dealers.Source: New York Stock Exchange through December 1996, FINRA thereafter, and Standard & Poor’s.Page 5 / June 23, 2022 / Stock Market Indicators: Margin DebtYardeni Research, Inc.www.yardeni.com
Margin DebtFigure 7.9509003000MARGIN DEBT & RUSSELL 3000850800750700650Margin Debt*(billion dollars)May6/232000Russell 3000 com50095 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25* Debit balances in margin accounts at broker/dealers. Beginning in 1997 data are debit Balances in customers’ securities margin accounts.Source: New York Stock Exchange through December 1996, FINRA thereafter, and Wall Street Journal.Figure 35030025020015010050MARGIN DEBT & S&P 15006/23S&P 1500 Composite IndexMargin Debt*(billion 006506005505004504003503002502001501005095 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25* Debit balances in margin accounts at broker/dealers.Source: New York Stock Exchange through December 1996, FINRA thereafter, and Haver Analytics.Page 6 / June 23, 2022 / Stock Market Indicators: Margin DebtYardeni Research, Inc.www.yardeni.com
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Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets. Source: New York Stock Exchange through December 1996, FINRA thereafter, and Haver Analytics. Figure 4. Margin Debt Page 4 / June 17, 2022 / Stock Market Indicators: Margin Debt www.yardeni.com Yardeni Research, Inc.
