2012-01-17zerohedge.com

``The 12-month trend in margin debt slipped into negative terrain in December 2000 and then did it again in April 2008. Both times, heeding this trend paid dividends in the sense that they both led downturns in both economic activity and in equity market valuation. The YoY trend just slipped into negative terrain last November for the first time since 2009 --just something to consider.''



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