BREAKING: US margin debt jumped +$86.5 billion in June, to a record $1.5 trillion. This marks the 3rd consecutive monthly increase, totaling +$281.2 billion, or +23%. Margin debt has surged +$494.1 billion, or +49%, over the last 12 months. Meanwhile, a broader measure of investor leverage, which subtracts cash held in brokerage accounts from total margin borrowing, is up to ~1.4% of the S&P 500 market cap, near the highest on record. This is in-line with the 2018 peak levels and exceeds the 2000 Dot-Com bubble peak of ~1.1%. US investors have never been more leveraged.(The Kobeissi Letter)