NEW YORK ( TheStreet) -- The high-flyers Amazon ( AMZN) and Apple ( AAPL) began the week setting new all time highs at $260.00 and $683.29 respectively. Google ( GOOG) set a multi-year high at $712.81 vs. its all time high at $747.24, set during the week of Nov. 9, 2007.Will Apple see an even higher high today as Apple enthusiasts await the announcement of the iPhone 5? Amazon reached its new all-time high Monday as the company revealed that their high-definition 7-inch Kindle Five will begin being shipped this week, and that other models will ship in November. Meanwhile, Google won the race against Apple to reach $700 a share, and this morning we learned that a half a billion Android devices have been activated around the world. With the S&P 500 setting new multiyear highs this week, and with the yield on the U.S. Treasury 30-Year bond rising to 2.91% this morning, www.ValuEngine.com shows that valuations are becoming less undervalued and more overvalued then they were at the June 4 low for the S&P 500. ValuEngine shows that 55% of all stocks are undervalued down from 81% on June 4. Twelve of 16 sectors are now overvalued: utilities by 15.9%, retail-wholesale by 11.5%, finance by 11.1%, consumer staples by 11.1% and medical by 10.9%. Back on June 4, 14 of 16 sectors were undervalued. The yield on the 30-year bond was 47 basis points lower on June 4 at a record low of 2.44%. Even the "go-go" momentum names are affected by these metrics, but this morning all three remain "4-Engine" Buy rated according to www.ValuEngine.com. These names have become overvalued fundamentally, and are also overbought technically on their weekly charts. When I see this type of pattern develop, I advise investors to book profits by paring positions and then employ "but and trade" strategies moving forward on these names as long as they maintain their buy ratings. Amazon.com ( AMZN) ($255.67) is rated Buy according to ValuEngine with fair value at $163.62, which makes the stock 56.3% overvalued. The ValuEngine one-year price target is $268.58. Amazon is up 21.0% over the past 12 months, and is on the cusp of a downgrade to Hold. The stock has a crazy P/E ratio at 164 times 12-month forward analysts' estimates. My semiannual value level is $236.23 with a monthly risky level at $266.82. The daily chart below shows overbought momentum with the stock well above its 21-day, 50-day and 200-day simple moving averages at $244.98, $234.39 and $206.22.