Our Global Growth Buy List continues to charge ahead by trading in and out of the global pockets of strength. Let’s keep the momentum going by looking at some of the best stocks available to investors in the Global basket, and at the same time review a few that need to be trimmed in order to continue producing strong returns.

First, our Top Five:

1) Taro Pharmaceutical

Israel’s Taro Pharmaceutical (NYSE:TARO) holds strong at No. 1 on our Global Growth Buy List. I mentioned recently that the initial pullback we saw after adding TARO to our Buy List was an excellent opportunity to initiate or add to a position, and sure enough, the stock has surged. TARO remains an excellent buy.

2) Altisource Portfolio Solutions

Luxembourg’s Altisource Portfolio Solutions  (NASDAQ:ASPS) is a strong way to profit from the foreclosure mess that continues to derail major U.S. banks.

3) Telecom Corporation of New Zealand

Telecom New Zealand (NYSE:NZT) pulled back slightly in the last week but continues to gain investor interest thanks to its strong dividend yield and the strong kiwi in New Zealand.

4) Top Image Systems

Israel’s Top Image Systems (NASDAQ:TISA) recently announced that it had closed a deal with another German industrial company. SIEGENIA-AUBI, which manufactures buildings and ventilation technologies, will use Top Image Systems eFLOW process for all their invoices. Top Image Systems has been a solid performer during its three weeks on our Buy List, and I continue to see additional upside ahead due to its robust revenue growth and notable return on equity.

5) Garmin

Switzerland’s Garmin (NASDAQ:GRMN) will be providing infotainment systems to the new 2013 Suzuki American vehicles. The system will have a 6.1 inch display that will include navigation, hands free voice control, backup camera, am/fm/cd, Bluetooth and Pandora internet radio.

Now for two stocks we need to cut from the Global list:

1) GlaxoSmithKline 

Britain’s GlaxoSmithKline (NYSE:GSK), is the number-two manufacturer of pharmaceutical products in the world. This was a stock that just got out from under a huge cloud, settling an investigation regarding its sales and marketing practices. However, the company missed its fourth-quarter earnings and sales forecasts, and although the company expects to return to sales and margin growth this year, the stock has mostly just moved sideways.

2) Jazz Pharmaceuticals

Ireland’s Jazz Pharmaceuticals (NASDAQ:JAZZ) is another pharmaceutical company with two flagship drugs on the market—Xyrem, the only narcolepsy treatment approved by the World Anti-Doping Agency, and Luvox CR, its obsessive compulsive disorder treatment. We entered this position right at a month ago, but it hasn’t been able to deliver the type of short-term gains that we expect here at Global Growth.

Sell both these stocks at about break-even and let’s move on to stocks with much more significant near-term upside, such as the Top 5 Stocks identified up front.