With earnings season in full bloom and HON approaching the earnings confessional let's watch and see what happens. The dividend yield on HON is currently 2%. That doesn't make "buying-and-holding" a compelling theme, especially when the 10-year Treasury yield is 2.62% state-tax-free.

Another concern worth mentioning is that both HON and BA are selling at rich multiples to earnings. The current PE ratio for both is above 20 and the forward (1-year) is close to 15 times earnings.

Analysts are not anticipating HON to shoot out the lights when it reports second-quarter EPS and revenue numbers. The consensus estimate for EPS is 6%, and less than 3% for sales growth and revenue.

HON hasn't had a good, old-fashioned correction since November 2012, when shares temporarily fell 8.5%. Since then the average pullback has been less than 5%.

Past performance is no guarantee of what may lay ahead. Yet it can indicate the kind of correction a stock is capable of experiencing.

So ask yourself, would you rather own HON at $82 or at $75? If you could buy shares at $75, you'd be giving yourself a price dividend of 8.5%, plus the dividend yield-to-price would be nearly 2.2%.

Those who are sitting on a nice profit in HON stock may want to consider taking half off the table with that very consideration in mind. HON shares are up about 30% since the beginning of 2013.

At the very least if you have a nice profit on HON or BA, consider using a stealth trailing stop loss to protect your gains.

At the time of publication the author is neither long nor short shares of any stock mentioned in this article.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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