The quiet before the storm has FRBNY FX Liquidity Swaps dropping steadily and Margin Credit climbing along with a deterioration in Investor Net Worth.
The ECB continues their steady decline in money Bernanke didn't use to bailout Europe:
Here in the US, investors continue to drive equities higher as they accumulate further debt in an effort to front run the decreasing marginal benefits of Fed induced liquidity comas.
NYSE released November margin debt data and to nobody's surprise total margin debt rests at $327 billion, the highest since April 2011 ($320 billion), leaving inquiring minds to ask just how much purchasing is being done on margin (Free Credit less Total Margin Debt)? The answer is $44.3 billion, the highest since June of 2011 ($45.9 billion).