NEW YORK (TheStreet) -- Despite the continued stock market rally, eight more companies were sent to the woodshed for a share price shaving. Meanwhile, two companies I featured as woodshed stocks have come out with a new clean cut look to the upside.Tuesday's market strength and rise in the U.S. Treasury 30-year bond yield to 3.23% pushed 65.8% of all stocks into overvalued territory. Because of this fundamental condition, ValuEngine issued another valuation warning this morning. This is the fundamental reason why investors should continue the strategy to raise cash by reducing stock holdings by at least 50% on strength to risky levels. At www.ValuEngine.com we show 15 of 16 sectors overvalued with 11 overvalued by double-digit percentages. The technicals for the major equity averages are even more overbought. My technical measure for momentum is the 12x3x3 weekly slow stochastic. All major averages have readings above 80.00 on a scale of zero to 100.00. The major averages have entered my zone of major longer term risky levels. Dow transports are above my annual and semiannual pivots at 5925 and 5955 setting yet another new all-time closing high at 6020.67 on Tuesday. The other major averages are below longer term risky levels at; 14,132 and 14,323 Dow industrials, 1542.9 and 1566.9 S&P 500, 3250 Nasdaq and 965.51 Russell 2000.