then you are clipping or very nearly clipping the input.. this does not mean that the recorded signal will clip on the ouput (as in when you see the waveform on your screen reach 0db and flatten out), or even seem to be a very strong signal necessarily. any signal chain can have multiple gain stages. so, even though you may well be clipping the input you could still end up with a weak little waveform on your screen. a weak little waveform that will still have the distortion in it caused by being driven into non-linearity on the input, which could sound good on some tube pres i guess but will most likely sound bad, unless you were going for such distortion as an effect. So,.... mind all your gain stages!