Jittery Investors Toy With Short-Term Moves

April 26, 2013, 5:22 p.m. ET

The stock market’s return to record highs nearly five years after the financial crisis is showing how a long-term investment strategy can pay off for people with the patience and fortitude to stick to it.

But this year’s rally is also spurring some investors to make short-term tactical moves, hoping to avoid another precipitous decline or pile up more gains, financial advisers say.

Strategic investing typically involves taking a long-term view of your financial needs and settling on an allocation of assets designed to meet those requirements. The allocation can shift as circumstances and goals change, but strategic investors focus less on short-term market gyrations…