This internet orgy is amazing. K-tel (KTEL) announces that it's going to have a web site and its stock triples in two days. (Again, it doesn't even have a web site yet.)
Imagine what would happen if GM started a web site to sell cars. Let's see... Its current P/E would have to be adjusted to match the internet average of, say, ~400. Given that is currently at 69 1/2 with a P/E of 8 that gives a share price of $3475.00 within days.
Every year since 1995 there have been comparisons to the crash of 87, and we did have a one day event in Oct. 97, yet the DOW keeps moving up and stocks get more overpriced.
Don't compare this to 1987, it's better compared to the Holland tulip bulb frenzy of the 1700's or the Japanese market of the recent past where PE's got into the 50's on average. There's too many fools out there throwing IRA and Keough $$$$ at overpriced stocks in mutual funds and it's a self fulfilling prophesy. Amazon is probably the BEST case in point of how foolish this thing has become.