yeah I know Desktop, I get what you're saying. Maybe CME were behind the curve... we've never seen a $400 rise in 7 weeks before (1500 to 1900). The decision may also be influenced by wider influences in the market place, particularly greater volatility, elevated VIX for example. Maybe there's a lag effect... was the June margin hike in response to the run-up then fall in April/May? All I'm saying is these latest hikes happened from an already very low base, and if leverage is to reduce to levels seen earlier in the bull market, we can expect more of them.
