Part of the Perfect Storm?

I just saw this chart on NYSE Margin Debt

The most recent reading was the end of February where margin debt was the highest since July of 2011, does July of 2011 ring any bells? A 20% decline in the market?


Also Free Credit Cash plus Credit balances in margin accounts less Margin Debt was also the lowest since July, meaning investors have negative net worth.


This is what made the July decline so sharp, margin calls. 3 p.m. today margin calls will likely start going out.


This is what the last margin squeeze looked like.