Here are a few penny stocks that I am watching for a possible short term trade. These charts are after the close on September 22, 2009. As always, these are not recommendations to trade. You need to make your own decisions. These are stocks that I am watching. I may enter a trade on some tomorrow and may not enter a trade at all.

I trade on a technical basis for certain chart patterns that I am looking for. I do not expect these stocks to be candidates for a long term trade. With that said, here are the ones that I am currently looking at as of today.

CASM

CAS Medical Sys

I like the way this stock is setting up although I am not thrilled with the volume. This is, however, a big drawback. It made an initial pop and has pulled back. It may be ready for a second leg although I would not expect it to be as powerful as the first leg up.

CPRX

Catalyst Pharma

This stock is very much like the first one. It has pulled back and is sitting on the 21 day EMA. It too may be ready for a second pop.

FREE

FreeSeas Inc

Freeseas is a shipping company. This entire industry has been beaten down and is beginning to show some signs of life. Freeseas is loaded down with debt. Technically, it may be turning the corner. It broke up through the 21 EMA about two weeks ago and has pulled back slightly. I would not expect a quick movement from this stock but may be able to slowly move up.

GRO

Agria Corp

I liked the move up through the 21 EMA three days ago on good volume. This may indicate that a further run is in its future. GRO is a Chineese agriculture stock.

MRNA

MDRNA Inc

This is a biotech company that made a move through the 21 EMA two days ago. It made that move on better than average volume so something may be up.

Do your own research and as always have an exit in mind if you decide to enter a trade. Happy trading.