"We have a long way to go, but we are very happy with the quarter," Hastings said in an interview Wednesday. That quote may be the biggest clue yet as to how overpriced and overvalued NFLX shares truly are. It's like counting your chickens before they hatch!

When the giddy euphoria and celebration cools down, my guess is that a big shorting effort on NFLX shares will commence. Then shares will go down low enough that the Relative Strength Indicator will signal that shares are oversold, and as sure as clock work, investors will drive the stock back up again.

My best suggestion is to stand aside if you don't already own shares of NFLX until the stock drops back down to earth. Let the share price bring the forward PE ratio down to a "modest" 44 times earnings and perhaps you'll be able to buy shares for $75 or less.

Be a rational, logical and patient investor. Chances are if you're prudent you'll come out ahead in the long run without having to take wild-eyed risks. Spend your efforts evaluating oversold companies like Apple, and do your research to find the next Netflix opportunity before it blasts off into outer space.

At the time of publication the author had a position in AAPL and is waiting for the price to come down on NFLX before buying.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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