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. Follow @m8a2r1 This article was written by an independent contributor, separate from TheStreet's regular news coverage.