BofA technical strategist Paul Ciana said year-over-year margin debt growth slowed to 31.4% in September from 53.7% in May, a pattern he linked to past market peaks. Margin debt owed to brokers was about $1.48 trillion at the end of September, close to a record, and still rose 1.80% from August. Leverage has also shifted into leveraged ETFs and options, with the ten largest leveraged equity ETFs taking in $12 billion over one month. Robinhood's record $22.1 billion margin book grew 59% year over year, down from 127% in the second quarter, and the article says HOOD, down 35.17% over the past year, has more downside risk. Two data points, FINRA's October margin data and Robinhood's fourth-quarter margin book, would show whether the borrowing cycle is still running.
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▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/27/2026 | 769.72 |
| Change that session | +0.57% |
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