SAN FRANCISCO -- Tuesday was a session

Charlie Brown

could love -- wishy-washy but basically "good," at least as far as the major averages are concerned.

The

Dow Jones Industrial Average

rose just 0.1%, closing about 45 points off its session high, but broader gauges fared better: the

S&P 500

rose 0.7% and the

Nasdaq Composite

gained 1.2%.

The day was certainly not without its individual items of note (

Amazon.com

(AMZN) - Get Report

,

Akami Technologies

(AKAM) - Get Report

, and our old friends at

Qualcomm

(QCOM) - Get Report

among them) but the "big picture" was fairly benign, giving us the opportunity to bring you the latest version of the Report Card, as appears below. Two weeks ago we

reported on how picks made in this column during the first quarter fared. Tonight, we look at picks made in the second quarter.

Remember, the performance column is based on the assumption investors held the stocks from the time the call was made through the present, or Monday's close to be precise. Time and space considerations prohibit me from updating how all of the sources view their picks currently, but I did catch up with a few of them.

Scott Bleier, chief investment strategist at

Prime Charter

, recommends cutting losses on the one big clunker in his picks from May 17,

CAIS Internet

(CAIS)

, which fell another 14.4% Tuesday. "I think the company is OK but the stock is crap," Bleier said.

The strategist suggests taking profits in

Homestore.com

(HOMS)

and

Sycamore Networks

(SCMR)

. Homestore.com slid 3.2% Tuesday and Sycamore dipped 0.5%, but each is up smartly since he recommended them here.

Bleier is sticking with his other two picks.

Metromedia Fiber Network

(MFNX)

rallied another 7.4% Tuesday and Bleier said it "still has a ways to go." (Higher, I presume.)

Yahoo!

(YHOO)

is a "definite hold even at these valuations," he said. Yahoo! gained 4.2% Tuesday.

Regarding the bigger picture (and more recent prognostications), Bleier made a prescient call here on

July 13, forecasting the

Nasdaq would struggle to rise beyond 4200. The index rose as high as 4289 intraday in the sessions immediately following that call, but the strategist got the last near-term laugh.

A very narrow rally will emerge in the coming days to take the Composite Index back toward the top of its trading range, Bleier predicted Tuesday. But 4200 remains a resistance point, he said. "We'll eventually get through it by year-end but it's a tough zone

for the index to get through and stay above."

John Maack, director of equities at

Crabbe Huson Group

in Portland, Ore., also foresees the road ahead for major averages remaining rocky.

"I think we're going to have a flattish market, continued volatility and a lot of rotation," Maack said, adding he wouldn't be surprised to see major averages end 2000 down a few percentage points for the year.

A contrarian investor, Maack has recently been putting money into out-of-favor financials such as

First Union

(FTU)

,

Bank One

(ONE) - Get Report

, and

US Bancorp

(USB) - Get Report

.

While unclear if the

Federal Reserve is done with its tightening cycle amid "mixed signals" about the economy, Maack said he is intrigued by financials given their dividend yields and valuations.

Maack remains long all the picks made here on April 20, except

Commerce One

(CMRC)

, which he sold due to concerns over the prudence of its acquisition of

AppNet

last month.

Finally, Alan Hoffman, senior portfolio manager at

Value Line

, remains long the stocks he recommended here on April 13. However, we apparently had a miscommunication because Hoffman said Tuesday he was not long

Sun Microsystems

(SUNW) - Get Report

or

Vitesse Semiconductor

(VTSS)

then, or now. However, additional weakness in Vitesse would provide "a good entry point," he said.

Over all, the manager foresees more economic news showing the economy is slowing and inflation remaining "non-problematic," inspiring a "nice" mid-to-late-summer rally. Right now, however, he's doing relatively little buying and selling, content to maintain current holdings and fully invested status.

If the proverbial (or actual) new money were to come in, Hoffman said he would use it to buy beaten-up retailers

Home Depot

(HD) - Get Report

and

Costco Wholesale

(COST) - Get Report

. Value Line is long both.

The somewhat cursory nature of tonight's offering comes with the territory known as the Report Card. Additionally, I've been working on a more detailed analysis of another pick by one of this column's most successful stock-picking sources, Mark Lapolla of

Petroscapital

(see how his last pick fared below).

Look for his next recommendation in this space soon.

Aaron L. Task writes daily for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. He welcomes your feedback at

taskmaster@thestreet.com .