The Bull Market’s Middle Innings

One month after the dot-com bubble peaked, the market sent a warning shot… It was April 2000, and stocks had collapsed 10% in just five trading days – falling 6% on the last day alone. As the dust settled over the weekend, the _New York Post_ ran the following headline… “Margin Calls Tied to Big Sell-Off.” The _Post_ explained that the final day of the sell-off was made worse by _margin calls_. In short, investors were overleveraged. They overborrowed to fuel their stock buying… and created a mini flash crash when they couldn't afford their losses. Today, margin debt is back on the rise. The level of growth in margin debt is nearing all-time highs once again. But as we'll explain, [that doesn't mean this bull market is over just yet…](https://stansberryresearch.com/dailywealth/the-bull-markets-middle-innings-2) This post originally appeared at [DailyWealth](https://stansberryresearch.com/dailywealth).