Nasdaq July margin debt levels are at historic highs... March 2000 Margin debt = 21,403 Compared to... March 2003 Margin debt = 8,357 July 2003 Margin debt = 25,977 EOM Shoreco PS This explains it all... <A HREF="http://www.nasd.com/Investor/Trading/Margin/margin_stat.asp#combined" target="_new">http://www.nasd.com/Investor/Trading/Margin/margin_stat.asp#combined</A>