It tells me one of two things, either the bottom is in right now or we still have 60 billion in margin to burn off. I am convinced that stock price is a function of margin data and nothing else. The more money there is out there to loan the more money that will prop up stock prices. This relationship has been valid since the very start of the market. You be the judge. This is the NYSE composite. This is the most current margin data (December margin data is not factored into this chart.