(https://www.cnbc.com/2026/07/15/buying-stock-with-borrowed-money-reaches-level-of-past-market-tops.html)—and (https://www.cnbc.com/2026/07/15/spacex-spcx-stock-ipo-price.html). This isn't coincidence. When retail leverage peaks *and* momentum stocks start rolling over *simultaneously*, you're watching the early frames of a deleveraging event.

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