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Are stocks on fire or just overheating?

As the Dow flirts with 17,000, some say the market is feeling a bit overheated.

The Dow jumped 129 points Tuesday to 16,956, a new record, and the S&P 500 soared with it, up 14 points at 1,973, also a record. The Nasdaq rose 50 points to a 14-year high of 4,458, and the Russell 2000 broke into record territory but closed below it at 1,205, up nearly 13 points.

"As a trader, I was selling stocks today," said Steve Massocca of Wedbush Securities. "It's frothy. The latest poster child of ridiculous valuations is this GoPro. I don't know when it's going to end, but I know how."