Summing Up The Exuberance In One Simple Stock Chart

Having crossed the $1,000 Maginot Line, Priceline.com became the first company in the S&P 500's 56-year history to trade at that level. As WSJ reports, the company reached a high of $1,001, before settling at $995.09, up 2.6%. It's up 60% so far this year. 25 of the 30 analysts that cover the stock still have this firm as "Buy" with a target of $1,112 trading at a P/E of 32. Priceline's shares have flirted with $1,000 before. During the dot-com bubble, it topped out split-adjusted closing high of $974.25 in April 1999. The stock had a meltdown in the years that followed, closing below $7 a share in October 2002. Of course, it's different this time...

Chart: Bloomberg