Also, the S&P 500 is still going up, despite margin loans continuing to be reigned in since late 2018. Obviously not at the pace of 2000 or 2008. If this was 2000 or 2008, stocks might have kept on heading down, instead of making new highs through 2019.
I suppose this can be explained by stock buy backs. However, with the Dow Transportation Index not yet making new highs, the US economy, in general, is clearly not as hot as the Nasdaq components are helping it make out to be
