U.S. MARGIN DEBT JUMPED $83 BILLION IN APRIL TO RECORD $1.3 TRILLION LEVERAGED BORROWING UP $453 BILLION, OR 53%, OVER PAST YEAR

@FirstSquawk This is retail margin, the actual leverage in the market is much, much higher.

@FirstSquawk No bailouts and this behavior will correct itself.

Margin debt at $1.3T record, up 53% in one year, going into a Memorial Day weekend where the US is reportedly preparing strikes on Iran. Leveraged long exposure at all-time highs with zero put protection (put/call skew at 20-year lows) and a 3-day window where markets can’t respond to events. The forced selling mechanism on a gap-down Tuesday open is margin calls on $1.3T of leveraged positions that can’t hedge and can’t exit until cash open.

@FirstSquawk $1.3T in margin debt and up 53% year-over-year is the kind of number that feels normal until you remember we're 16 months into a stable admin with tariffs baked in and no recession. This isn't euphoria, it's just leverage chasing returns that actually exist

@FirstSquawk Retail is late to the party as usual — this much leverage at highs is how corrections get violent.