Momentum Drives eBay, Yahoo! and Amazon

The canaries are singing again. eBay (EBAY - commentary - Cramer's Take), Yahoo! (YHOO - commentary - Cramer's Take) and Amazon (AMZN - commentary - Cramer's Take) just keep ramping and ramping, to the total consternation of the shorts out there.

I have repeatedly gone over why these stocks are strong. Now, though, we have people marking these stocks up because it's the end of the quarter.

It's been a long time since we've had valuation-free stocks leading us. Remember, I'm saying point-blank that these are overvalued. It dooesn't matter; if you use a "better than expected" metric, you'd own these things.

It is amazing to me that, after a couple of years without seeing this junk happen, we are now back to the world where momentum is ruling, at least when it comes to the Nazz. Think of it this way: Yahoo!, eBay and Amazon are all hitting their 52-week highs (along with United Online (UNTD - commentary - Cramer's Take) for a quarter of Net), which is then getting people onboard who like a strong chart. They are joined by the mutual funds that want to show they got it right by buying these stocks with a few days to go before the end of the quarter.

Finally, these are the stocks the shorts love to hate: They are all overvalued on earnings and can only be justified as stocks doing better than expected. Which means the shorts are panicking now lest they get taken to the cleaners on the last day of the quarter.

What can I say? If you do this kind of stuff, these are going higher. Should they be? It didn't matter in the 1990s, and it doesn't seem to matter now.

I don't want to pronounce judgment on this "trend" yet. It is only a handful of stocks.

But for these stocks, it's like 1999 never ended.

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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS by clicking here. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."