Margin debt on the NYSE continues to rise, both when looking at the rate of change as well as the level of negative cash balances (lower chart).  Overall margin debt rose strongly going into 2013 and is now sitting only a whisker below the all-time highs from 2007/08 (in absolute terms).  The rate of change is still below our warning threshold, but it is getting closer.

Similarly, the level of net negative cash balances is now close to levels which have previously been associated with both short-term as well as more long-term tops.