TheStreet's Jim Cramer says his Action Alerts PLUS portfolio has one of the highest cash positions it’s had in a long time, and he's very bearish on the market. The portfolio is now 'dramatically' underweight oil, selling shares of EOG (EOG), and buying shares of utility American Electric Power (AEP), which he thinks will go higher. Cramer said there is not a bear market in utilities, and he notes that AEP has a rock solid balance sheet. Cramer also said he won't put more cash to work until he sees the market holds its levels from last August 24th. If the levels fail to hold and the market goes dramatically lower, Cramer said he might do some picking.
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