NEW YORK ( TheStreet) -- So far this year Apple ( AAPL), Google ( GOOG) and Amazon ( AMZN) have been playing a game of leapfrog in terms of mojo trading and setting new all-time highs. As I wrote Thursday in Apple Shifts to Mojo Status From Value Stock, Apple returned to mojo leadership this week, breaking out above its 200-day simple moving average at $468.29. Apple as a mojo stock appears headed for my annual pivot at $510.64.
The weekly chart for Amazon shifts to negative Friday, given a close below the five-week MMA at $292.71, if weekly momentum declines below 80.00. Today the 12x3x3 weekly slow stochastic reading is 80.97, so it may take another week to signal that the stock has lost its mojo. The 200-week SMA is at $197.21. Amazon ($286.47) was downgraded to sell after setting its all-time high, but today the stock has a hold rating, according to ValuEngine. The stock is 30.7% overvalued, which is a long way from being considered a value stock. The stock has an extremely elevated 12-month forward P/E ratio of 162.5 and is trading at 21.3 times book value. Follow @Suttmeier This article was written by an independent contributor, separate from TheStreet's regular news coverage.