Simplistically, estimated earnings for 98 are .74 -- a price of $26 makes that forward P/E 35.14 -- pretty darn similar to the growth in EPS over the next two quarters (apr 98/jul 98).
Oddly, 26 was the major resistence point before last September's breakout. It closed at 26 on 7/25/97 [I believe it started at 26 during the whole ODP deal being blocked] and didn't hold 26 until the end of September. It had two dips below 26 after that -- Blue Monday and the Christmas bookend sessions. In 1998, it dipped below 26 just before the split occured.