MarketMinder's View: Actually, in our view, there’s ample data showing stocks’ recent rally isn’t a Fed bubble or otherwise driven by credit. Most of the money printed by the world’s central banks is sitting as excess bank reserves, and bank lending hasn’t meaningfully increased. Yes, margin debt has risen on an absolute level, but the ratio of margin debt to cash is well below historical levels, suggesting claims of a market rally built on fragile leverage are unfounded.