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Five S&P 500 stocks cost more than $1,000 — only two may be worth the price

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Where these investing pros stand on stocks trading over $1K a share

Just five stocks on the S&P 500 have a hefty price tag of more than $1,000 a share.

Those names range from the more well-known such as Amazon, Alphabet and Booking to the less-talked-about AutoZone and home construction company NVR.

Two traders who spoke with CNBC's "Trading Nation" say they will only splash cash on two of those names.

"Personally I like AutoZone," said Danielle Shay, director of options at Simpler Trading, on Monday. "It's been very consistent over the course of the last 20 years. Even throughout 2008 and 2009, you just saw a little bit of a drop."

Shay also notes that the stock has seen consistent earnings growth over the past several quarters. AutoZone will next report quarterly earnings on March 3 – analysts surveyed by FactSet anticipate 3% earnings growth over its February-ended quarter.

"Also, I think on a larger macro scale, once we do see this business cycle slow down and once we do see the economy stutter a little bit, companies like AutoZone who sell parts to people who want to fix their cars instead of buy a new one, I think they're going to remain very strong," said Shay.

Matt Maley, chief market strategist at Miller Tabak, says AutoZone is approaching a critical level – one that could dictate whether it falls even further or bounces.

"It's getting down to the $1,030 level that was rock solid support in both… August and October of last year and if it breaks below that level of $1,030 it's going to be very negative," said Maley during the same segment. "It's very oversold so hopefully it could bounce. So, whichever way it breaks over the next week or so is going to be very important."

AutoZone would need to fall another 2% to reach $1,030. It has not traded below that level since last June.

The name that does look destined to break out even further is Amazon, according to Maley.

"People forget the stock was stuck in a sideways range during the fourth quarter while the rest of the market was flying much higher. So, this stock finally in January and February has broken out to a new all-time high. It's done so in a very meaningful manner, that's very bullish," said Maley.

"It is overbought near term. It may have to pull back a little bit to work off that overbought condition. But, the breakout has been significant enough that in this momentum-driven market, it could have a lot more upside to play catch up with some of those other high-flying names," said Maley.

Amazon's relative strength index, or RSI, reads 75. The momentum measure flashes overbought conditions when it trades above 70.

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