This alert was originally published for the Action Alerts PLUS service on June 30 at 12:16 p.m. EDT. It's being republished as a bonus for TheStreet.com and RealMoney readers.

At $47.18, Alcan ( AL) is up 3 points in as many sessions. This is another stock I circled the wagons around as the market slid, buying 900 shares on the way down anywhere from 1 to 5 points below the current quote. With that in mind, I'm going to unload 300 shares of Alcan after you read this. This trade will leave me with 3,300 shares, or 4.1% of the overall portfolio.

I'm also going to sell another 500 shares of Ingersoll Rand ( IR), which will cut my position to 6,000 shares, or 6.8% of the overall portfolio. The industrial manufacturer serves many white-hot end-markets, and I believe the company once again will command a midteens earnings multiple over the next year.

So why sell Ingersoll here? I've had the room to add new names to the portfolio for some time now, though I've lacked the cash to do it. I was busy circling the wagons around some difficult stocks, and the portfolio definitely has benefited from being fully invested around the market bottom some two weeks ago.

That said, now that the Federal Reserve picture is becoming clearer, I'm once again on the search for new names. The sales I've made over the past week have given me the flexibility to add them, as I'm entering the third quarter with about 7% of the portfolio in cash.
At the time of publication, Cramer was long Alcan and Ingersoll Rand.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.