Jim Cramer came on CNBC's MAD MONEY with his SELL BLOCK last night. He had two 40% gainers, both widely traded stocks.

SELL Charter Communications (NASDAQ: CHTR) and Apple Inc. (NASDAQ: AAPL).

• Cramer thinks it's time to take most or all of CHTR off the table. It is more expensive now than other stocks and it's time for a victory dance.
  
• Apple Inc. (NASDAQ: AAPL) is one that Cramer recommends keeping as a core position, but it's now becoming a stock that needs to be a trading stock. That means he thinks you can take some profits, but then buy more on dips and sell on gains. The iPhone shipping date is June 21, and Cramer thinks selling some AAPL a few days ahead of the shipping date would be prudent because the bar has been set too high. After AAPL takes a hit, you can buy some more.

DON'T SELL:

• Don't sell Dell Inc. (NASDAQ: DELL) as this is just the beginning in Cramer's opinion.
• Don't sell Sears Holdings (NASDAQ: SHLD) either. Sears had a horrible quarter and he's not happy with it. When you wonder if you should ponder new store management and asset sales, the answer is yes. But, Cramer said you need to have faith in Eddie Lampert and believe in him. So you should not sell the Sears stock.

Cramer on CNBC's MAD MONEY has a telecom pick tonight he says is even better than Level 3 Communications (NASDAQ:LVLT). There is a money-maker, and that is Craig McCaw. He is the head of ClearWire (NASDAQ:CLWR) that is about to come public. If you can't get in on the IPO you can play it in the secondary market.

I have covered this IPO on several occasions. Here is the article with the terms being set this week. On January 30, the filing was revised to show the subscriber rates. Doug has an article showing how much coverage is on this. Cramer likes that Intel Corp. (NASDAQ:INTC) and Motorola (NYSE:MOT) are backing it. At $23 to $25 range given, he said he'd pay $28.00 to $35.00 after the IPO, but only for a portion of it. He would wait for a dip and then buy more.

Cramer also went over his SELL BLOCK. This is where he says to take profits or losses. Here it is: New Century Financial (NYSE:NEW): Cramer was negative on it ahead of earnings. Dividends don't lie, but this one was a lie. Cramer has two more dividends that could be signaling a lie, too, because they are so high they give a warning flag.

BP Prudhoe Bay Royalty (NYSE:BPT) and Frontline Ltd. (NYSE:FRO) are BOTH going into the SELL BLOCK because their dividends are too ridiculously high. BPT is down 18% and the stock and the dividend have to drop. FRO and its 28% yield are misleading because they have to sell off assets to maintain that payment instead of using funds from operations.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.