When a stock hits a trillion dollars in market cap, as Apple (AAPL - Get Report) and Amazon (AMZN - Get Report) recently have, that's not a reason alone to worry about valuations. 

"There's an old quote that only small minds are impressed by large numbers," said Brian Levitt, senior investment strategist at OppenheimerFunds and panelist on TheStreet's Trading Strategies roundtable. "On a price-to-earnings basis you might be concerned about the valuations on Amazon (AMZN - Get Report) , but on a price-to-sales basis you wouldn't."

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 Microsoft (MSFT - Get Report) and Alphabet (GOOGL - Get Report) are the stocks next in line to hit a trillion dollars in market cap.

Watch the full Trading Strategies replay here