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[video] Jim Cramer: On Linn Energy and Honeywell

NEW YORK (TheStreet) -- TheStreet's Jim Cramer, who co-manages the Action Alerts PLUS portfolio, said they are making some changes to a few of their positions.

Those changes include buying more Linn Energy (LINE) and trimming some Honeywell (HON), the latter of which has been on a tear in 2013, up roughly 35%. 

Cramer was quick to note that Honeywell was far from a bad stock, but simply suggested that he wanted to trim the position since it has become too big in the portfolio. 

He added that when stocks make big moves, investors need to trim the position and sell into some of the strength. 

Turning to Linn Energy, Cramer said he had been hoping for a deal with Berry Petroleum (BRY), which happened over the weekend. 

While he admitted that Linn had to pay a high premium for the deal, it's okay because of the positive direction that oil production is going. 

He added that Berry Petroleum has solid assets in California and the deal is ultimately "terrific news" for Linn. 

Cramer concluded that if the stock comes back down in the $25 to $29 range, he would be a buyer of Linn Energy.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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