Mark Hulbert: Did the margin debt indicator just flash a bull market signal for the stock market?

Total margin debt on Wall Street tells you more about where the stock market has been than where it is going.

That’s important to keep in mind because total margin debt, after declining throughout 2022, has turned up and is now 6.4% higher than where it stood in December. Some are arguing that this trend change is a powerful bullish signal.

Their…