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“Credit Balance” is defined as the sum of Free Credit Cash Accounts and Credit Balances in Margin Accounts minus Margin Debt.  It is a measure of the state of investor speculation – In English, how much or how little cash is being kept relative to long positions in margin accounts. Doug Short nailed it with…

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“IS THE FED DRIVING THE STOCK MARKET OR IS IT THE FUNDAMENTALS?” If I hear one more TV segment on this topic I will rip my hair out. It is a non-debate. Dan Greenhaus has a good piece of research out on the topic that both Art Cashin and Joe Weisenthal have cited. Greenhaus, the…

Warren Buffett’s out with his new annual letter to Berkshire Hathaway shareholders tonight… ************ A thought for my fellow CEOs: Of course, the immediate future is uncertain; America has faced the unknown since 1776. It’s just that sometimes people focus on the myriad of uncertainties that always exist while at other times they ignore them…

by the way… Here are the charts that have Wall Street’s brightest minds most concerned right now.  (BusinessInsider) Congrats to my pal David Merkel on six years of the Aleph Blog! One of the best, most consistent financial blogs of all time, way to go brother!  (AlephBlog) Warren Buffett’s annual letter to shareholders comes out…

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The below from my man William Banzai7: