Things are different now.

I work for a semiconductor company from 1997 to now. From 1998 to 2000, a lot of companies (I follow BRCM, PMCS, AMCC, VTSS) revenue increased 10-15% every quarter. That means revenue increased more than 50% a year and earning doubled every years. That's why stock price increased 300-400% a year for those companies. It had its reason.

From 2000 to 2003, revenue decreased, earning became loss, stock price drops 90-95%. It had its reason.

How many companies are doing that good rightnow, revenue (>50%) and earning (>100%)? If it's not a lot, then the market can not be that crazy.