Margin Debt Highest Since the Crash

Margin debt in April reached $320 billion, the highest level seen since February 2008, one of the most unfortunate cases of BTFD in recent memory.

Margin debt topped $381.4 billion in July 2007, just before the market peaked in October.  The S&P 500 plunged 58% over the next 17 months.

Source: NYXdata.com

Why the $5 billion increase from March to April?  Could it be investors have bought the notion that the Fed won't let the market go down? 

Let's hope they don't all rush the exits at once when someone finally notices the inferno into which the Fed has been sQErting lighter fluid.