I wouldn't short as the sentiment is clearly in favour of a rising sp, though I'm wondering how many people are buying in on sentiment and recs, and how many people are willingly taking profit.
Take a look at Cello (CLL) who do market research, brand marketing etc....interims to June 2005 show 6month eps of 2.5p with sp of 115p with £5m cash (approx 14p/share cash) ...so a P/E of 20 assuming full year eps of 5p (though full year earnings skewed heavily to 4th quarter so expected eps to be higher - more like 7-10p.)
How does YOU stack up against the competition in terms of forward earnings built in to the sp?