NEW YORK ( TheStreet) -- Apple ( AAPL) traded below $500 per share Monday on reports of cuts in orders for LCD screens on weaker than expected demand for the iPhone 5. Amazon.com ( AMZN) traded to an all-time high at $274.26 on continued Wall Street upgrades. Google ( GOOG) traded lower Monday alleviating an overbought condition on its daily chart and is trading between its all-time high at $774.38 set on Oct. 5 and its Nov. 16 low at $636.00.On Jan. 3, I wrote
Even after Monday's price break Apple is still up 20.6% over the last 12 months and now has a 12 month forward price-to-earnings ratio of just 9.6. Apple reports its Q4 quarterly results on Jan. 23 and Wall Street analysts project that the company will earn $13.43 per share. It will be important to track whether or not this EPS estimate is lowered over the next week. Despite a price decline from above $700 to below $500 most analysts stubbornly keep their lofty ratings and price targets with a median price target of $745 and 21 strong buy and 28 buy ratings, six hold ratings, and only two underperform and one sell rating. The daily chart for Apple ($501.75) is negative and the weekly chart shows oversold Mojo with the stock below its five-week modified moving average at $530.44. My semiannual and annual value levels are $470.21 and $421.05 with my annual pivot at $510.64 with weekly, monthly, and semiannual risky levels at $538.18, $604.86 and $651.60. Amazon remains "three-engine" hold rated according to ValuEngine with fair value at $208.84, which makes the stock 30.6% overvalued in the retail-wholesale sector, which is 11.6% overvalued.
Google remains "three-engine" hold rated according to ValuEngine with fair value at $621.89, which makes the stock 16.3% overvalued. The stock's one-year price target is $757.57, which is below the all time high at $774.38. The stock is up 15.7% over the last 12 months and has a reasonable 12 month forward P/E of 19.0. Google reports its Q4 quarterly results on Jan. 22 and Wall Street analysts project that the company will earn $8.63 per share, up 2 cents from what was posted on Monday. Wall Street analysts have a median price target at $810 with 11 strong buy ratings, 20 buys and 10 holds. The daily chart for Google ($723.25) shows that Mojo is declining from overbought territory and the weekly chart profile is positive with the stock above its five-week MMA at $713.15. My quarterly and semiannual value levels are $660.40 and $546.44 with a monthly pivot at $734.47 and weekly and semiannual risky levels at $771.95 and $854.04. At the time of publication the author held no positions in any of the stocks mentioned. Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.