The company seems to be beyond criticism since last week, when it reported stronger-than-expected Q4 results. That news sent shares soaring about 17%. And today they touched a new all-time high of $407.41 before closing at $406.77 — which is +6.7 for the day and the first time they’ve ended above $400. What drove the increase? Everyone knows that CEO Reed Hastings wants to expand in Europe, so there’s no reason to believe that investors were moved by the Wall Street Journal‘s fine explainer today about the company’s efforts. So I’ll chalk it up to groupthink, helped by technical investors impressed that the share price plowed through a perceived resistance point. But with Netflix now selling for an astronomical 221 times earnings, there’s little margin for error.