p/e traders are willing to hold the stocks higher for a time,, but they are using standard p/e,, not p/e with debt added,, and lower growth deducted not to mention cash burn that is 'currently' holding the p/e at a 'value' level.---------look at TOL for the last 6months,, it went thru a 50% haircut-using standard p/e killed those bulls at the top.
perfect example LPX
Benjamin Graham: "You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right"