Need help with Tempting pattern (Knitty.com, 2004)

This is my first knitted top. It’s worked from the bottom up in 2X2 rib stitch and has off the shoulder sleeves. I’m using circular needles. I am at the part just before I add the sleeves and I don’t understand the instructions.

They read “Place next 16 sts on waste yarn, work across 74 sts, place next 16 sts on waste yarn, work to end of rnd. Set aside. Do not break yarn.” I have put 16 sts on a stitch holder. How do I work across the 74 stitches without leaving a long strand from the working yarn trailing across the back of my work? I’m so confused!

Pattern link

I would work 16 sts and move them to waste yarn, work the 74 + 16 and move those 16 to waste yarn and then work to the end of the round. If row count matters you could tink back a round but I don’t think it’s critical here.