I'm wrong about Home Depot so far

Home Depot (HD) reported earnings today and apparently the market liked what they heard. HD popped up 5% today. I thought HD was too expensive back in Nov 2012 but I have been wrong till now. Well that's the nature of the stock market. You never know for sure about anything but just a best bet at the time based on the information you have and understand. Also the stock market is not always rational and expensive stocks could become more expensive, but only to certain extent. Sooner or later, the fundamentals will come to play. I think HD is just at such a state: it has become more expensive. Don't get me wrong. HD is indeed a great company, especially in the environment of the recovering housing market. But I'm afraid its valuation of P/E at 24 is way too much to justify and at some point, it will break down.