Speculators are borrowing money to buy stocks at a rate never seen in history -- not even during the height of the tech mania. “Margin debt” in March totaled $317 billion… well over the bubble record of $300 billion back in March 2000.

“High levels of margin debt could mean the stock market’s record highs are built on shifting sands,” . “The first little correction we get and these people will be heading for the exits all at once.”

If you’re a buyer in waiting, that’s great news. If you have your life savings plus a few thousand of your broker’s money in a “hot fund” you can’t remember the name of… ehhh… you might want to rethink your strategy.