How can we tell which stocks are for trades and which are for long term holds? (April 13, 2002)

  In the market that we have had we have been very reluctant to hang onto many positions longer term with breakouts racing up for a good gain and then turning over and giving it all back. Thus we are taking gains on nice moves on breakouts and the other moves we are investing in. We have been pretty ruthless in doing this regardless of the move. We have been taking at least part of our position off the table when our targets are hit. If the move is strong, we are letting part of the position ride, particularly in sectors that have been performing the best: health services, defense, retail. As the market improves, i.e., breakouts hold their tests with more frequency, we will hold positions longer, and we will advise specifically if we think it has long term hold potential as with JNC.


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