The latest look at margin debt levels (levered speculators) in the context of the secular bear in the S&P that began in 2000 is breathtaking to say the least. The available data shows to the end of November and the trend may well have become even more extreme on the market advance in December. The all time high in negative net worth for participants at the end of last month suggests that the vast majority of those who are willing and able to buy stocks today are already fully loaded on this crazy train. 
See further explanation here.
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