I took it apart and found the reason it was not holding was the spring under the ball that hold the ratcheting mechanism in place was broken. Also, the ball had a flat spot worn on it that could also cause it to slip. I am sorry I did not think of taking pictures when I started this project, so I will just use the same pictures of me putting it back together to show the procedure for taking it apart. Please note it was much dirtier when I started. I cleaned the ratchet and inside parts with an ultrasonic cleaner(carb cleaner would have worked almost as well though).
Step 1: Start the Teardown
Use a pair of needle nose pliers to remove the retaining clips and slowly pull the back of the ratchet apart. Be careful not to loose the ball. You will find a spring in the hole located in the handle of the ratchet.
What you see in the picture is a ball from a ball bearing that happened to be the same size. As to replacing the spring I just got lucky and found one in my spring drawer. Hopefully yours is not worn out or you can find one the same size.
Step 2: Finnish the Teardown
Step 3: Clean and Lubricate
Step 4: Start Reassembly
Step 5: Put the Back Together and Replace the Clip
Finnish the assembly and enjoy your ratchet.
Most good ratchets are under warranty but maybe you just want to make your favorite ratchet work a little smoother. This is less then the gas to take it back for warranty. Or you could be under the same problem I have and can not get it replaced anymore and need to fix it.