The latest margin data from the Investment Dealers Association shows that retail borrowing ticked up notably in September.

Outstanding debt in margin accounts rose to $7.9 billion at the end of September, up from $6.9 billion a month earlier. This marks the first month that borrowing rose after three down months in a row. And, it is the first substantial jump in borrowing since November 2001.

Client margin debt has been trending down since the market high back in September 2000. Back then, there was $11.9 billion in margin accounts.